Daily Economic Roundup – February 3, 2011

What’s on the Economic Horizon
ECB to Keep Rates on Hold at 1.00%
U.K. Services PMI to Post Strong Results?
Fed Head Bernanke Set to Testify Today

United States

Just like the U.S. labor market, the dollar received mixed reviews yesterday. It beefed up against most of its major counterparts, but was unable to overcome the pound and the Loonie. EUR/USD finally took a breather from its two-day rally and slid back 22 pips to rest at 1.3809. More…

Euro Zone

“Once we hit the top there’s no stopping us…” The euro did a Jason Mraz number yesterday as the euro zone’s pessimistic economic news failed to stop the euro from gaining on its pip buddies. EUR/USD slipped by 22 pips at 1.3809, but EUR/JPY gained by 8 pips at 112.60 and EUR/CHF hit an intraday high of 1.2936 before closing with a 48-pip gain. More…

United Kingdom

‘Twas another good day for the pound! Even though its peers were being clobbered by the U.S. dollar yesterday, the pound managed to hold on to its recent gains and stay safely above 1.6150. GBP/JPY’s performance was even better as it made its way past the 132.00 level. More…

Japan

The performance of yen pairs yesterday was as mixed as a bag of M&Ms. The yen strengthened against the U.S. dollar and the euro but had to bow down to the pound. Will it find a clearer direction today? More…

Canada

That’s strike three against the Greenback! No economic reports were released from Canada yesterday, but the Loonie clobbered the scrilla for the third day in a row yesterday. After opening at .9909, USD/CAD dropped to an intraday low of .9861, but settled only 26 pips lower than its open price. More…

Australia

Bummer, duuude! The Aussie wasn’t able to hang ten yesterday as bad economic data created waves too strong for the currency to surf. AUD/USD dropped 28 pips to 1.0085 while AUD/JPY was practically unchanged at 82.24. More…

New Zealand

Yikes! The Kiwi took a huge hit against the Greenback yesterday when risk aversion in markets was jumbled with worse-than-expected employment report in New Zealand. NZD/USD ended the day with a 49-pip loss after dropping to an intraday low of .7718. More…

Switzerland

After dominating the dollar the past couple of weeks, the Swissy decided to give its American counterpart a break. Lack of economic data from Switzerland allowed USD/CHF to rise 48 pips to .9401. More…

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