Daily Economic Roundup – March 24, 2011

What’s on the Economic Horizon
Euro Zone Manufacturing and Services PMIs Due
U.K. Retail Sales Down by 0.5%?
U.S. Core Durable Goods Orders to Rebound in Feb

United States

The dollar’s performance was as messy as a sloppy joe during yesterday’s trading. It managed to munch on enough pips from its European counterparts to score wins. However, it also spilled a few pips and ended the day with losses against the Aussie, Kiwi, and yen. More…

Euro Zone

No mercy for the euro!!! Political problems in Portugal had the euro beggin’ for mercy as it ended the day lower against its major counterparts. Economic reports also did little to give it a hand as feedback on the economy was mixed yesterday. In the end, EUR/USD finished 108 pips lower at 1.4088. More…

United Kingdom

“Sticks and stones may break my bones, but words will never hurt me.” Hah! Whoever made up that popular children’s rhyme clearly isn’t familiar with the world of forex. Dovish words from Chancellor Osborne and cautious comments in the MPC meeting minutes devastated the pound yesterday. Cable practically fell from the sky as it dropped 128 pips to end at 1.6236. More…

Japan

Ooh lala! Candlesticks on the daily time frame of USD/JPY are beginning to look like cake pops! The pair formed its third spinning top in a row as it consolidated around the 81.00 handle throughout yesterday’s trading before finally closing 5 pips lower from its opening price at 80.92. More…

Canada

Way to go, Loonie! The Canadian dollar put up a strong fight against the Greenback yesterday, drawing support from another rise in oil prices. USD/CAD opened at .9808, reached a high of .9844, and managed to close at .9816. More…

Australia

Traders pursued the Aussie like a bunch of princess-wannabes running after Prince Harry during yesterday’s trading. AUD/USD closed above resistance at 1.0100 and ended the day 29 pips higher at 1.0132. More…

New Zealand

New Zealand’s disappointing current account did nothing to move the Kiwi as traders were hesitant to get going ahead of New Zealand’s big GDP release. Rising commodity prices also helped keep the comdoll’s head above water as NZD/USD finished the day 6 pips higher at .7406. More…

Switzerland

Talk about a wild day for the Swissy! USD/CHF made a beeline for the .9000 handle when the European session kicked off, only to reverse this move and close at .9085 at the end of the day. More…