Daily Economic Roundup – March 28, 2011

What’s on the Economic Horizon

Canadian Governments Breaks Down
U.S. Pending Home Sales Due Today
EUR Gaps Down Over Weekend

United States

Like the blockbuster movie last weekend, the dollar sucker punched most of its major counterparts on bullish comments from members of the Federal Reserve and better-than-expected U.S. economic reports. EUR/USD ended the week with a 90-pip drop to 1.4088, USD/CHF whizzed 113 pips higher at .9199, and GBP/USD dropped by 80 pips to 1.6042. Boo yeah! More…

Euro zone

With the markets concerned about the Portuguese debt situation, the euro found itself on the losers’ table despite the better than expected German IFO release. EUR/USD closed last Friday at 1.4088, 90 pips down from its opening price. Interestingly, the pair has gapped down 63 pips to open the week at 1.4025. Could this be a sign of things to come? More…

United Kingdom

Unlike Casey of American Idol, the pound didn’t have a J.Lo in Friday’s trading to keep it from getting booted from its intraday high against the dollar. GBP/USD fell more than a hundred pips from its peak at 1.6143 and ended the day 80 pips lower from its opening price at 1.6042. More…

Japan

The yen’s scorecard for Friday’s trading was as mixed as movie reviews for Zack Snyder’s Suckerpunch. It was able to roundhouse-kick the euro from its intraday high of 115.23 to close the week at 114.62. But it lost against the comdolls and the dollar with USD/JPY ending Friday 37 pips higher from its opening price at 81.35. More…

Canada

Mayday mayday mayday! This is the Canadian government. I no longer have a position. I require immediate assistance! No economic reports were released from Canada last Friday, but its government crashed and burned on a disagreement about its 2011 budget. As a result, USD/CAD rocketed by 62 pips and ended the week at .9814. More…

Australia

Woah! It seems like Katy Perry was also talking about the Aussie in her song E.T as the comdoll abducted enough bulls to post a new all-time high at against the dollar! AUD/USD peaked at 1.0295 before ending the day at 1.0261 with a 61-pip gain. Boo yeah! More…

New Zealand

Clean sweep baby! The Kiwi bucked overall dollar strength on Friday, completing its perfect week against the greenback. NZD/USD rose 36 pips to end the week at .7535. Will the Kiwi continue its magical run or will the streak becoming to an end soon? More…

Switzerland

Despite the release of bearish news from all over pips streets, the low-yielding franc lost across the board last Friday. For one, USD/CHF ended up 113 pips higher at .9199 while EUR/CHF also climbed by 76 pips to 1.2960. More…