Daily Economic Roundup – March 18, 2011

What’s on the Economic Horizon
Coordinated Currency Intervention in the Works?
Germany Against Direct Bond-Buying From Troubled Member Nations
U.K. Mortgage Approvals to Rise to 47,000
Canadian Inflation Figures on Deck

United States

The dollar was one of the major currencies that stood out yesterday as it wore red candlesticks instead of green ones ahead of St. Patrick’s Day. Bears must have pinched pips out of it and scored it losses against all of its counterparts except for the Aussie and the Kiwi. More…

Euro zone

Whew! It was a long and hard day for the euro yesterday as it battled its major counterparts in the charts. It finally ended the day unchanged against the yen, 123 pips higher against the Greenback, and 22 pips lower against the franc. Talk about mixed price action! More…

United Kingdom

Ohhhhhhhh yeah! Give it up for Cable ya’ll! The Cable found itself rallying a solid 110 pips yesterday thanks to reports that Japan was making advances in containing the radiation crisis. Cable was also able to find support on the news that the G7 would hold an emergency conference call to respond to the calamity in Japan. More…

Japan

The yen sure looked like a rockstar in yesterday’s trading as it got groupies of bulls extending its winning streak against the dollar when it closed at 78.91 with a 70-pip win. Boo yeah! More…

Canada

Looks like someone deserves a high five and a fist bump! The Loonie hammered away at the Greenback yesterday when better-than-expected economic reports from Canada lined up with the easing of risk aversion in markets. After reaching an intraday high of .9952, USD/CAD capped the day 64 pips lower than its .9914 open price. More…

Australia

Without anything on tap from Australia, the Aussie once again got snacked on by bears that just got out of hibernation! AUD/USD tapped an intraday low of .9707 before ending the day 35 pips lower from its opening price at .9804. More…

New Zealand

Unlike other major currencies, the Kiwi was unable to post gains over the dollar yesterday as investor fears on Japan’s nuclear situation continued to linger. NZD/USD ended the U.S. trading session at .7179, a fall of 103 pips from its opening price during the Asian session. More…

Switzerland

With the way the franc gained on its major counterparts yesterday, it seemed that it had already joined Rebecca Black in her quest for a fun, fun, fun Friday! While EUR/CHF dropped by another 22 pips to 1.2600, USD/CHF plunged to an intraday low of .8923 before closing with a 95-pip loss. More…