Daily Economic Roundup – March 23, 2011

What’s on the Economic Horizon
New Zealand to Slide Back to Recession?
Decision on Portugal’s Budget Due Today
Fed Head Bernanke Set to Testify Later

United States

After all those days of wild price action, the Greenback decided to kick back and grab an ice cold bottle of beer. But even though volatility chilled out yesterday, the U.S. dollar found itself sliding lower against some of its major counterparts such as the pound, Aussie, Kiwi, franc, and yen. More…

Euro Zone

Easy there, big fella. The euro bulls stepped back from their shopping frenzy yesterday when markets turned their focus to Portugal’s political hoopla. EUR/USD slipped by 30 pips to 1.4196, EUR/JPY slid by 31 pips, and EUR/CHF went down by 43 pips on rumors that Portugal might need a bailout. Yipes! More…

United Kingdom

With inflation still hot, hot, hot, there was nothing that could stop the pound from skyrocketing to a new high against the dollar! GBP/USD tapped its highest level since January 2010 at 1.6402 before ending the day 55 pips higher from its opening price at 1.6365. More…

Japan

Action on USD/JPY was as tight as Pip Ninja’s skinny jeans during yesterday’s trading. The pair moved within a 45-pip range before it ended the day six pips lower from its opening price at 80.97. More…

Canada

Ka-Blam!!! The Greenback choke-slammed the Loonie down the charts yesterday when a carnival of worse-than-expected economic reports from Canada weighed the Loonie and dragged it to the pip deeps. After dipping to an intraday low of .9747, USD/CAD finished the day 31 pips ahead of its open price at .9809. More…

Australia

Aha! It looks like someone has been sneaking pips from the dollar! The Aussie ended yesterday’s trading 40 pips higher at 1.0103 despite the lack of economic reports from Australia. More…

New Zealand

There’s just no stopping this little guy! The Kiwi bulls managed to clock in an additional 40 pips to their gains yesterday, pushing the pair to its .7400 closing price. No wonder I keep on getting “Yippee for the Kiwi” shoutouts from Happy Pip! More…

Switzerland

The Swiss franc was in a tight race against the U.S. dollar yesterday, but USD/CHF was still able to keep its head below the .9050 minor psychological handle. There were hardly any big reports from the U.S. and Switzerland then, which was probably why the pair was unable to make strong moves. More…