Daily Economic Roundup – March 21, 2011

What’s on the Economic Horizon

U.S. Existing Home Sales to Drop to 5.15 Million
New Zealand to Go Into a Recession?

United States

Ka-pow! The dollar got knocked out by its higher-yielding counterparts during Friday’s trading. Good thing it managed jab pips out of the yen and the Swissy as the G7 joint intervention rang the risk appetite bell. Ding, ding, ding! More…

Euro zone

Y’all can’t touch this! The euro was simply untouchable last Friday as it came out ahead of most of its major counterparts last Friday. EUR/USD gave bulls something to smile about as it climbed 160 pips and finished at 1.4182 to post a new 4-month high. More…

United Kingdom

Our brothers up in the U.K. may be feelin’ down in the dumps, but the pound was anything but down last Friday! Despite disappointing consumer confidence data, it was able to get ahead of its major counterparts as a risk rally pushed it higher up the charts. Cable rose about 100 pips to 1.6234 while GBP/JPY leaped over 250 pips to finish at 130.86. More…

Japan

True love may be forever, but gains in the forex market are as temporary as footprints in the sand. After five whole days of rallying, the yen finally found itself on the back foot of other major currencies as the news of a joint currency intervention from the G-7 hit the airwaves. USD/JPY, from its opening price of 78.90, surged more than 150 pips to end the day at 80.60. More…

Canada

The Loonie must have had so much swagger like Mick Jagger during the Asian session of Friday’s trading when USD/CAD was trading lower. Too bad support at the .9800 handle held and USD/CAD bounced back up to end the day at its opening price of .9850. More…

Australia

Guess who’s back in the game? The Aussie, of course! After it had lost four consecutive days against the dollar, the Aussie managed to fight back and rally strongly last Friday. AUD/USD started the day on a sour note at .9803, but the news of the joint currency intervention from the Group of Seven (G-7) helped it soar more than 150 pips to end the day sweetly at .9961. More…

New Zealand

FINALLY, the bulls have come back to the Kiwi! After four straight days of sliding down the charts, the Kiwi was able to salvage a win against the USD. Last Friday’s risk rally saw NZD/USD bounce off the .7200 handle to end with a 131-pip gain at .7310. More…

Switzerland

Risk appetite resulted to the Swissy’s mountain of pips crumbling like snow in an avalanche in Friday’s trading. It was able to cut down its loss against the dollar to 25 pips when USD/CHF closed at .9011, but it gave up a whopping 181 pips to the euro when EUR/CHF ended the day at 1.2781. More…