Daily Economic Roundup – March 9, 2011

What’s on the Economic Horizon

Germany’s Industrial Production to Increase 1.8%
RBNZ to Release Interest Rate Decision at 8:00 pm GMT

United States

…and the dollar buying continues! In the absence of big reports, the dollar continued to march higher, forming a beautiful bearish engulfing candle on EUR/USD’s daily chart. The pair ended the day 74 pips lower at 1.3899, mirroring an equally impressive rise in USD/JPY. More…

Euro zone

Eenie meenie miney mo, who’s the weakest of them all? Despite bearish reports from the Euro Zone, the euro managed to print mixed results against its pip counterparts yesterday. EUR/JPY ended the day almost unchanged at 114.91, but EUR/CHF gained by 60 pips at 1.3002. Meanwhile, EUR/USD suffered a 74-pip drop after plunging to an intraday low of 1.3862. More…

United Kingdom

Aww, poor Cable! For the second day in a row, Cable was weighed down by the news that ultra-hawkish MPC Member Andrew Sentance would be replaced by Ben Broadbent. One less hawk means a lower possibility of a rate hike in the future. Cable ended the U.S. trading session at 1.6157, a 45 pip decline from its opening price during the Asian session. More…

Japan

And the “Loser of the Forex Market for the Day” Award for the goes to… the yen! The yen turned out to be the biggest loser in yesterday’s trading session as it ended the day lower against the dollar, the pound, and the euro. More…

Canada

There’s no stopping this steamroller! Or should I say oil-roller? Hah! Aside from the persistent high oil prices, Canada printed a better-than-expected economic report yesterday, which dragged USD/CAD lower for another day by 15 pips to its .9714 closing price. More…

Australia

It looks as though the Aussie was suckered out of a win yesterday! It printed awesome business confidence results, but still couldn’t rally. AUD/USD slid 15 pips lower to record its first close below 1.0100 in over a week! More…

New Zealand

And that’s two in a row for the little guy! While the Greenback was clobbering its other pip counterparts yesterday, NZD/USD remained resilient and even ended the day on the green. The pair peaked at an intraday high of .7419 around the start of the London session before closing 25 pips higher than its open .7367 open price. More…

Switzerland

Boy, with the way traders abandoned the Swissy, you would think it had cooties or something! In spite of the fact that Switzerland’s unemployment rate ticked down, the Swissy was sold off like lemonade in the middle of summer. USD/CHF jumped 93 pips to close at .9355 just as EUR/CHF climbed 60 pips to finish at 1.3002. More…