Daily Economic Roundup – March 8, 2011

What’s on the Economic Horizon

German Factory Orders to Turn Positive
Canadian Housing Expected to Rise to 174K

United States

Since it was such a light day data-wise, it wasn’t surprising to see that both bears and bulls were snoozin’ on the sidelines. EUR/USD couldn’t close above 1.4000 and finished the day just 12 pips lower at 1.3972, and USD/JPY ended just 8 pips below its opening price! What a bore! More…

Euro zone

“Abort Mission 1.4000, abort!” The euro was still unable to successfully trade past the major psychological handle yesterday, as EUR/USD slipped from its 4-month high at 1.4037 and closed 12 pips lower from its opening price at 1.3972. More…

United Kingdom

What a surprising turn of events! Just when you thought Cable has set its eyes on new yearly highs, it does the opposite and dips below 1.6200. At the end of the U.S. trading session, Cable was sitting at 1.6202, almost 150 pips lower from its highest level that day. More…

Japan

Say sayonara, yen bears! It’s the bulls’ turn to run! After swinging low last Friday, the yen was able to record modest gains against its major counterparts to start the week. USD/JPY inched 8 pips lower to 82.26 just as EUR/JPY ticked 20 pips down to 114.94. More…

Canada

Loonie bulls still seemed high on black crack during yesterday’s trading that not even negative data kept them from ending the day with a win! USD/CAD tumbled from its intraday high of .9744 to close three pips lower from its opening price at .9728. More…

Australia

Aussie bulls learned the hard way that pippin ain’t easy! In spite of positive economic feedback, the AUD/USD failed to rise higher and retest the 1.0200 resistance level. Instead, it peaked at a high of 1.0186 and closed at 1.0112, 17 pips lower for the day. More…

New Zealand

For the first time since the Christchurch earthquake hit, NZD/USD managed to close out yesterday without a scratch! NZD/USD ended the day at .7367, barely changed from its opening price at .7362. More…

Switzerland

Action on the Swissy pairs were as tight as drums during yesterday’s trading. USD/CHF 40-pip range while EUR/CHF ended the day 5 pips lower from its opening price at 1.2924. More…