Daily Economic Roundup – May 10, 2011

What’s on the Economic Horizon?
Greek debt gets downgraded
Australian trade surplus exceeds forecasts
Swiss CPI on deck

United States

The dollar may have ended last week with a grand finale, but the way it started this week was anything but amazing! Except against the euro, it retreated against ALL of its counterparts! How weak sauce is that?? EUR/USD slipped 14 pips to 1.4351 while USD/JPY fell 40 pips to 80.21. More…

Euro Zone

As my mama always said, everything can change on a whim! After it looked like the euro was heading to new lows, good data helped give the currency a nice boost. After trading as low as 1.4255, EUR/USD bounced back up to close at 1.4351, marking just a 14-pip loss for the day. More…

United Kingdom

Traders showed no mercy for the pound as they pushed the currency lower against its counterparts despite the risk rallies yesterday. GBP/USD dipped to a low of 1.6270 before recovering to close at 1.6394 while GBP/JPY struggled to stay above the 131.50 area. More…

Japan

Someone’s been pumping iron! The yen was downright monstrous on the charts as it demolished its two biggest rivals yesterday. It rose 40 pips against the dollar while posting a 73-pip win against the euro. More…

Canada

Just like its comdoll siblings, the Loonie came out on top in yesterday’s rumble. After opening at .9670, USD/CAD crawled slowly down the charts, ending the day at .9633, down 37 pips for the day. More…

Australia

Make that back-to-back, baby! The Aussie followed up its awesome performance last Friday with an equally impressive performance yesterday. After gapping up to start the week, AUD/USD continued to rally, eventually ending the day 69 pips higher at 1.0788. More…

New Zealand

Not bad! The Kiwi put up a good fight against the Greenback yesterday as risk aversion started to ease. Although NZD/USD ended the day 20 pips lower than its open price, it was able to find support at the .7900 handle. More…

Switzerland

And the Swissy’s back in the game! After a couple of days of losing against the Greenback, the Swiss franc got back on its feet and erased some of its recent losses. USD/CHF opened at .8791, dropped to a low of .8717, then closed at .8719. More…

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