Daily Economic Roundup – March 16, 2011

What’s on the Economic Horizon

Euro zone Inflation Still Waxing Hot?
U.K. Claimant Count Slated To Show Small Increase
U.S. Building Permits and Housing Starts Eyed at 580,000

United States

With the FOMC statement more optimistic than expected, you’d expect the dollar to have gotten rave reviews right off the bat like Daniel Radcliffe dancing skills, right? But it didn’t. It only gained against the comdolls and the pound, and lost to the rest of its major counterparts. More…

Euro zone

What did the euro have for breakfast?! Despite a strong wave of risk aversion that sank other higher yielding currencies against the dollar, EUR/USD remained steady. After opening at 1.3992 and dipping to an intraday low at 1.3855, EUR/USD recovered and rose up the charts to close at 1.3998. What a comeback! More…

United Kingdom

The U.K. may not have given the markets anything to buzz about, but the pound was anything but quiet on the charts! GBP/USD completely reversed its gains from Monday just as GBP/JPY fell 223 pips to 129.79 on risk aversion and repatriation flows. More…

Japan

What do you get when you mix risk aversion and repatriation flows? C’mon guys, you should know the answer to this… A strong yen! With the situation in Japan getting more and more complicated day by day, the yen has been marching as tall as ever. Yesterday, USD/JPY posted another big drop, falling 91 pips to 80.72. More…

Canada

“Get OWT of here!” said the Loonie bears, as the Canadian dollar took a hit in yesterday’s trading. Thanks to weaker commodity trading and general risk aversion, USD/CAD soared up the charts. After opening at .9738, the pair rose to a high of .9975 before cooling off to close at .9852, good for a 114 pip gain. More…

Australia

No thanks to risk aversion, the Aussie plunged a whopping 282 pips to its intraday low at .9816 right after opening at 1.0098. Ouch! Good thing it was able to find support and recovered some of its losses to end the day at .9910. More…

New Zealand

The legendary band Queen couldn’t have described the day for the Kiwi any better… Another one bites the dust! Just as its fellow comdolls did, the Kiwi fell victim to the risk aversion which swept the markets, causing NZD/USD to slide 76 pips down to .7318. More…

Switzerland

Just like Charlie Sheen’s statement shirts, demand for the Swissy surged in yesterday’s trading. It was able to tap a new high against the dollar at .9141 before finally ending the day at .9166 with a 100-pip win. Meanwhile, against the euro, it was able to bag 107 pips when EUR/CHF closed at 1.2828. More…