Daily Economic Roundup – March 22, 2011

What’s on the Economic Horizon

Inflation in U.K… to Have Risen Again?
Canadian Retail Sales in Focus Today

United States

When will the bleeding stop? For the third consecutive day yesterday, the U.S. dollar turned out to be one of the biggest losers in the foreign exchange market. The USDX, which measures the strength of dollar versus other major currencies, fell to 75.84 from 76.00. More…

Euro zone

Just like the top box office hit last weekend, the euro’s gains seemed limitless as it posted more gains against its major counterparts. EUR/USD rose for the third day in a row to 1.4226 and EUR/CHF climbed by another 96 pips to 1.2865. Meanwhile, EUR/JPY inched up by 43 pips to 115.36. More…

United Kingdom

Out of the way, people! We’ve got three white soldiers comin’ our way! The pound seems to be gathering strength and gearing up for a strong bull run. Yesterday, it completed a prefect three white soldiers pattern on the daily chart of GBP/USD! Fueled by risk appetite, the pair marched 75 pips uphill to 1.6310 ahead of today’s big CPI report. More…

Japan

The yen must’ve joined the Japanese in celebrating the bank holiday because it was missing in action yesterday! It basically allowed all of its major counterparts to take control of the charts! USD/JPY closed at 81.03 after gapping up from last week’s close of 80.60 while EUR/JPY finished at 115.26 after gapping up from 114.31. More…

Canada

Score one for the comdoll connection! No report was released from Canada yesterday, but the Loonie bulls were busy pushing the currency higher against its counterparts on higher oil prices and a bit of risk appetite. After USD/CAD dropped to an intraday low of .9749, it capped the day 71 pips lower at .9778. More…

Australia

Score another one for the Aussie! The Aussie finally managed to rise above parity yesterday thanks to the market’s increased appetite for risk. From its opening price during the Asian session at .9959, AUD/USD rallied furiously and ended the U.S. trading session strongly at 1.0064. More…

New Zealand

Now that’s what I call a one-two combo! The Kiwi followed up its strong rebound last Friday with another magnificent rally. With risk appetite and strong commodities fueling its strength, it put up a fight and was able to erase some of its recent losses. NZD/USD recorded a 45-pip rise and ended the day at .7357. More…

Switzerland

Ouch! Despite not releasing any economic report yesterday, the franc lost against its major counterparts, sending USD/CHF 50 pips higher at .9046 while EUR/CHF also climbed by 96 pips to its 1.2865 closing price. More…