Daily Economic Roundup – March 29, 2011

What’s on the Economic Horizon

No Changes Expected to U.K. Final GDP report
Down Tick in NZ Building Consents in February
U.S. Consumer Confidence Down to 64.9 in March?

United States

The dollar looked a lot like Britney Spears in her first live performance in years: lost. During yesterday’s trading, the scrilla seemed out of place as it got its groove on the bull turf against the pound, yen, and Kiwi but landed in the bear lair against the euro, Swissy, and Aussie. More…

Euro zone

It may be down, but the euro is definitely not out! Thanks to ECB President Jean-Claude Trichet’s hawkish rhymes, the euro was able to stage a strong comeback yesterday. After a weak start to the week (a 63-pip gap down yo!) EUR/USD bounced to close the weekend gap and finish at 1.4092. More…

United Kingdom

The pound just can’t catch a break eh? After gapping down to start the week, GBP/USD soon found itself testing for new lows below the 1.6000 handle. While the pair did recover some of its losses, it wasn’t enough to prevent GBP/USD from closing 11 pips lower for the day, bringing the pound’s losing streak to four. More…

Japan

Yen? Yen who? The Asian currency seemed missing in action during yesterday’s trading as it got sold off against its major counterparts. USD/JPY ended the day 30 pips higher at 81.72 while EUR/JPY closed 98 pips higher at 115.17. More…

Canada

In spite of the political uncertainty surround Canada, the Loonie was able to power its way through the charts yesterday. Hawkish words from Bank of Canada top dog Mark Carney urged the Canadian currency on even as oil prices slid back. At the end of the day, USD/CAD finished 34 pips lower at .9767. More…

Australia

The Aussie ain’t no Lady Gaga, but it partied on the charts yesterday as if it was its birthday too! Yup! AUD/USD tapped a new all-time high at 1.0315 before ending the day 20 pips higher from its opening price at 1.0255. Boo yeah! More…

New Zealand

With no major data coming out yesterday, we saw tight trading on NZD/USD, which led to the pair posting its first loss in 7 days. NZD/USD closed six pips lower to finish the day at .7523. Could the bulls merely be taking a break or could this be the start of a beautiful reversal? More…

Switzerland

After giving a mediocre performance last week, Swissy bulls charged back into action, putting a halt to the Swissy selloff. While USD/CHF slid 54 pips lower to .9173, EUR/CHF formed a perfect doji and finished practically unchanged at 1.2926. More…