Daily Economic Roundup – May 11, 2011

What’s on the Economic Horizon

BOE to Downplay Rising Prices in Inflation Report
U.S. Continues Trade Deficit
CAD Trade Figures On Tap

United States

With forex markets mostly in consolidation mode yesterday, the dollar found itself on the losing end against most of its major counterparts. European currency pairs like EUR/USD and GBP/USD edged slightly higher, while the comdolls made a run for it. AUD/USD closed above the 1.0800 handle, while USD/CAD closed 57 pips lower to end at .9579. More…

Euro zone

The euro managed to sneak in some gains against the Greenback and the yen amidst the resurfacing Greek debt concerns. EUR/USD ended almost 50 pips higher than its 1.4352 open price while EUR/JPY closed 40 pips above the 116.00 handle. Can the euro hold on to its gains today? More…

United Kingdom

Proving that Monday’s price action was no fluke, pound bears took control over the pound and held it down again yesterday. The pound was one of the few currencies that weakened against the Greenback, as Cable slid 36 pips down to 1.6358. More…

Japan

Were those BOJ officials I saw drinking shots of sake with Big Pippin last night? After all, the yen was the biggest loser in yesterday’s trading action, which is exactly what the BOJ wants! USD/JPY made a nice run up the charts, gaining 63 pips on the day to finish at 80.83. Meanwhile, EUR/JPY soared higher by 128 pips before ending at 116.39. More…

Canada

The Loonie scored its third consecutive day of wins against the Greenback as USD/CAD closed almost 60 pips below its open price of .9636. Let’s take a look at the upcoming data from Canada to find out whether the Loonie can keep up its winning streak. More…

Australia

Thanks to some positive data and stronger commodities trading, the Aussie got a nice boost up the charts, with AUD/USD gaining a decent 48 pips to finish at 1.0836. For those of you counting at home, that makes three consecutive days of gains. Will today make it four? More…

New Zealand

Talk about dodging a bullet! The Kiwi narrowly escaped defeat against the Greenback as NZD/USD bounced back up from an intraday low of .7889 to end the day 2 pips higher at .7947. More…

Switzerland

There she goes again! After posting nice gains on Monday, the Swissy went back to sliding down the charts on bad data and improved risk appetite. It lost out against its two biggest counterparts as USD/CHF rose 89 pips and EUR/CHF leapt 168 pips. More…

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