Daily Economic Roundup – March 14, 2011

What’s on the Economic Horizon
Merkel Loosens Stance on EFSF
BOJ Policy Decision Coming Up
BOE Governor King Set to Testify Today
FOMC Rate Decision This Week

United States

Is it just me or was the Greenback acting funny last Friday? At first I thought that risk aversion from the recent calamity in Japan was going to drive the Greenback higher against all of its counterparts, and it did… before quickly reversing! USD/JPY even dropped more than a hundred pips from its 82.94 open price. More…

Euro Zone

The euro sure knows how to end the week with a bang! After dipping to intraday lows last Friday, the common currency rebounded strongly against its major pip buddies (except the yen) and ended the day in the green. EUR/USD closed 114 pips higher at 1.3903 and EUR/CHF rebounded to its 1.2920 closing price after plunging to a low of 1.2826. Meanwhile, EUR/GBP ended the day at its open price. More…

United Kingdom

The pound was able to cross over to the winners’ side of the court last Friday, but it was anything but a star performer! With bad economic data acting like a ball and chain, GBP/USD was only able to rise 33 pips from its opening price of 1.6051. More…

Japan

The 8.9-magnitude earthquake that shook the heart of Japan created equally strong waves on the charts. Hopefully, the people of Japan will rise from this tragedy in the same manner that the yen did last Friday. The yen stood strong and surged on expectations of repatriation flows, pushing USD/JPY over 100 pips down to 81.90. More…

Canada

Whew! That was a close one! Despite printing worse-than-expected employment figures last Friday, the Loonie gained on the Greenback and closed USD/CAD 91 pips lower than its intraday high at .9711. More…

Australia

With a very light economic calendar, the Aussie was able to stay afloat and surf the strong waves on the charts. It completely erased its big loss from Thursday to force AUD/USD to rise 156 pips and close at 1.0150 at the end of the week. More…

New Zealand

Ki-weee!!! No report was released from New Zealand, but the Kiwi took a ride up the charts last Friday on risk and dollar sentiment in markets. From an intraday low of .7327, NZD/USD ended the day 90 pips higher than its open price at .7436. More…

Switzerland

USD/CHF was off to a strong start last Friday but ended up erasing its gains when news of the earthquake in Japan hit the airwaves. The pair opened at .9321, climbed to a high of .9360, but winded up closing at .9293. More…