Daily Economic Roundup – February 24, 2011

What’s on the Economic Horizon

Initial Jobless Claims Expected to Drop to 405K
Aussie Private Capital Expenditure Rises by 1.3%
Swiss Employment Data on Tap

United States

The bears are back in town! Yesterday the euro and the pound joined the bears’ party and clobbered the scrilla down the charts even though positive economic reports were printed from the U.S. After reaching an intraday high of 1.3788, EUR/USD closed 94 pips higher than its open price at 1.3747. Meanwhile, GBP/USD also posted a 78-pip gain at 1.6208 after peaking at 1.6274. More…

Euro zone

Score one for the euro! It was finally able to record its first win of the week as speculation that the ECB may raise rates breathed new life into the bull run. EUR/USD rose 94 pips and finished at 1.3747 while EUR/JPY climbed 41 pips and ended at 113.41. More…

United Kingdom

Increased interest rate hike expectation – that’s what lifted Cable yesterday! If you hadn’t noticed, GBP/USD was able to stage a solid rally yesterday, reaching its highest level in three weeks at 1.6274 before retracing some of its gains to end the day with a 78 pip win at 1.6208. More…

Japan

No economic report was released from Japan yesterday, so the yen’s price action was as mixed as a shabu-shabu pot. Though the yen gained 26 pips on the dollar at 82.50, it also lost 41 pips to the euro at 113.41 and 21 pips to the pound at 133.70. More…

Canada

Up, down, back and forth! The Loonie was a virtual tug-o-war match yesterday! Bears were counting on risk aversion while bulls were hoping for rising oil prices to move the currency. In the end, USD/CAD ended just 20 pips lower at .9888. More…

Australia

Whew! The Aussie finally caught a break against the Greenback yesterday when AUD/USD went up by 34 pips despite the persistence of risk aversion in markets. The pair reached an intraday high of 1.0060 before capping the day at 1.0018. More…

New Zealand

What a slow day! The absence of economic reports kept NZD/USD bound within an 80-pip range yesterday. It found resistance at its day high at .7514 and support at .7434. At the end of the day, NZD/USD closed at .7462, a mere 5 pips higher from its opening price. More…

Switzerland

Y’all better get out of the way because these Swissy bulls ain’t stoppin’! Amidst a softer PPI figure, traders continued to buy up the Swissy, pushing USD/CHF 52 pips lower to end at .9335. More…