Daily Economic Roundup – March 31, 2011

What’s on the Economic Horizon

U.S. Unemployment Claims Seen at 379,000
Tankan Manufacturing Index to Rise to 6
Canadian GDP on Tap

United States

You win some, you lose some! The scrilla showed mixed results against its major counterparts yesterday when a bit of risk appetite in markets took a toll on the low-yielding dollar. EUR/USD inched 23 pips higher to 1.4126 and GBP/USD rocketed by 85 pips to 1.6082. On the other side of the pip streets, USD/JPY rose by 48 pips to 82.91. More…

Euro zone

Duhn, duhn, duhn! It seems like the euro was trading nervously against the dollar yesterday. EUR/USD consolidated below the 1.4000 psychological handle for the most part and it wasn’t until the later in the New York session it was able to rally past resistance and end the day with a 23-pip win at 1.4126. More…

United Kingdom

Finally! After chillin’ like a villain at 1.6000 for a couple of days, the pound was able to stage a big comeback in the bull turf like my buddy Arnold Schwarzenegger who is going back to mainstream entertainment as The Governator! GBP/USD ended yesterday’s trading 85 pips higher at 1.6082. More…

Japan

Yesterday, the yen found itself in a world of hurt as it became the currency market’s punching bag. The yen fell against all other major currencies, pushed lower by the market’s more positive attitude towards risk and the prospect that the Federal Reserve will eventually normalize monetary policy once QE2 ends in June. More…

Canada

Strike three for the Greenback! Who could blame the Loonie bulls for boosting the comdoll for the third day in a row yesterday when better-than-expected reports from Canada supported the rally? USD/CAD only reached an intraday high of .9754 before it gave up and ended the day 33 pips down from open price at .9714. More…

Australia

Can you say “highest level in 29 years?!?” Thanks to the expectation that global growth will cause a surge in the demand for commodities, AUD/USD was able to rally strongly and go as high as 1.0338 yesterday. For the month of March, the pair gained 1.3%. Impressive! More…

New Zealand

Worse-than-expected data? That ain’t a problem for the Kiwi yo! It was numbah one among the comdoll clique yesterday in gaining the most pips against the dollar. NZD/USD tapped its 5-week high at .7637 before ending the day 48 pips higher from its opening price at .7637. Boo yeah! More…

Switzerland

Aloha kakahiaka! With no reports released from the land of the famous Swiss chocolates yesterday, the franc’s price action was as mixed as Happy Pip’s favorite piña coladas. While it lost 51 pips to the pound at 1.4777, USD/CHF also dropped to .9191 after hitting an intraday high of .9275. What’s more, EUR/CHF ended the day in a near draw at 1.2981! More…