Daily Economic Roundup – March 10, 2011

What’s on the Economic Horizon
RBNZ Slashed Interest Rates by 50bp
U.K. MPC To Keep Rates at 0.5%
U.S. Trade Deficit Widened in January?

United States

Bears did The Creep on the dollar and stalked it during yesterday’s trading. Save for the yen and the Kiwi, the dollar ended the day lower against the rest of its major counterparts. It lost the most to the Swissy when USD/CHF closed 56 pips lower at .9299. Bummer! More…

Euro Zone

The euro’s price action yesterday was as mixed as Big Pippin’s brands of hair spray as varied economic reports from the region sent traders sprinting to both the bull and bear camps. While EUR/USD managed to end the day almost unchanged at 1.3903, EUR/CHF fell by 74 pips to 1.2928. Meanwhile, EUR/JPY inched up by 8 pips to 114.99. More…

United Kingdom

Who’s the biggest loser now? The pound outweighed its major counterparts yesterday when better-than-expected economic reports were released from the U.K. GPB/USD broke its losing streak with a 44-pip gain at 1.6201, GBP/JPY continued rose by another 41 pips to 133.99, and EUR/GBP fell by another 24 pips to .8579. Boo yeah! More…

Japan

Ho humm… The yen just ranged against its major counterparts yesterday despite the stronger machine orders report from Japan. USD/JPY was still stuck below the 83.00 handle while EUR/JPY closed at 114.99. More…

Canada

Before USD/CAD ended the day 27 pips lower from its opening price at .9687, it tapped a new three-year low at .9667! Yowza! The dollar just ain’t got nothin’ on you, Loonie! More…

Australia

AUD/USD was off to a good start yesterday as it bounced back from Tuesday’s losses and traded above the 1.0100 handle. However, when Australia’s neighbor New Zealand cut interest rates by 50 basis points, the Aussie sympathized and edged lower. Still, AUD/USD was able to end the day 5 pips above 1.0100. More…

New Zealand

And the actual interest rate is…. 50 basis points lower! The Reserve Bank of New Zealand had its own “The Price is Right” act when it released its interest rate decision. Was this why the currency bears shouted “Come on down!” to the Kiwi? NZD/USD dropped to an intraday low of .9327 at the release of the report, but eventually ended the day only 15 pips lower than its open price. More…

Switzerland

With a positive CPI report as its Piptorade in yesterday’s trading, there was just no stopping the Swissy’s rally! Both USD/CHF and EUR/CHF fell by more than a hundred pips from their intraday highs. At the end of the day, the Swissy had bagged 56 pips from the dollar and 75 pips from the euro. More…