Daily Economic Roundup – March 7, 2011

What’s on the Economic Horizon

U.S. Retail Sales on Tap This Week
Japan’s Current Account Surplus Increase 0.9%
RBNZ to Cut Interest Rates by 25 Basis Points on Wednesday

United States

The dollar’s scorecard was as mixed as reviews for the movie Beastly as the NFP report fell short of impressing markets. It gained against the Aussie and Kiwi but lost to the euro, yen, and Swissy. More…

Euro zone

And euro bulls blew the bears out the water once again! For the third straight day, EUR/USD managed to post a new yearly high last Friday! The pair closed the week at 1.3972, more than 200 pips higher from its week open price. More…

United Kingdom

The pound gave an inch to its major counterparts last Friday when a worse-than-expected report supported the risk aversion in markets. GBP/USD closed only 2 pips higher at 1.6271, while EUR/GBP climbed by 16 pips to .8596. Meanwhile, GBP/JPY dropped from its intraday high of 135.21 and closed at 133.93. More…

Japan

Ack! Despite the lack of economic reports from Japan, the yen pairs showed more spikes than Pip Surfers hair! USD/JPY extended to an intraday high of 83.07 before ending the week at 82.32, while EUR/JPY reached a high of 115.98 before closing 14 pips higher than its 114.98 open price. More…

Canada

The Loonie ended Friday’s trading almost unchanged against the dollar despite a stellar economic report. USD/CAD closed just 5 pips lower from its opening price at .9717. Hmmm, is the Loonie’s trip to the bulls’ turf coming to an end? More…

Australia

Whew! The Aussie did a lil’ Matrix action and dodged a big bullet against the Greenback last Friday when risk aversion in markets pushed the high-yielding currencies lower in the charts. After dropping to an intraday low of 1.0076, AUD/USD contained its losses and closed only 20 pips lower than its 1.0158 open price. More…

New Zealand

While other major currencies have been enjoying gains over the Greenback, the Kiwi has been falling lower. NZD/USD found itself at .7384 by the end of the week, more than 100 pips lower from its week open price. More…

Switzerland

Just like Michael Phelps, the Swissy surprised markets when it made a comeback during Friday’s trading. USD/CHF ended the day 62 pips lower at .9259 while EUR/CHF took a swan dive from its opening price of 1.3010 to its close at 1.2949. More…