Daily Economic Roundup – May 2, 2011

What’s on the Economic Horizon

BOE Governor Mervyn King to Speak Today
Australia’s house price index declines by 1.7% in Q1
Swiss Retail Sales Expected to Rise 2.5%

United States
Keep rollin’ rollin’ rollin’ rollin’. The dollar bears danced to the tune of my brothas Limp Bizkit’s single last Friday as they continued to drag the Greenback lower against its major counterparts. USD/JPY plunged by another 41 pips to 81.13, EUR/USD slipped 11 pips more to 1.4810, and USD/CHF dropped to a new low of .8650. More…

Euro zone

Whoa boy, slow down! After the EUR/USD’s strong movements on Wednesday, the currency decided to just chill in the charts yesterday and bounce around between a relatively tight 114-pip range. At the end of the day, EUR/USD found itself at 1.4824, a mere 29 pips higher from its day open price. More…

United Kingdom

“Success,” exclaimed the bulls last Friday as they took the pound back above the 1.6700 level versus the dollar last Friday. The bullish sentiment towards the pound seemed to be mainly due to the increasing interest rate hike expectation from the BOE now that the country was able to avoid a double-dip recession and actually grow 0.5% during the first quarter of this year. More…

Japan

Looks like the yen bulls were in a good mood last Friday! Despite the lack of economic reports in Japan, the yen gained against its major counterparts. USD/JPY ended up 41 pips lower at 81.13, while EUR/JPY closed 70 pips below its open price at 120.14. Was it because traders were gearing up for the Golden Week ahead? More…

Canada

Take that, Greenback! The U.S. dollar was no match to the Canadian dollar strength last Friday as USD/CAD slid back to its previous lows around the .9450 area. How much further can this pair drop this week?More…

Australia

Up, up, and away! Rising commodity prices and continued dollar weakness in markets pushed AUD/USD higher for the fourth day in a row last Friday, boosting the pair to a new high 34 pips higher than its open price at 1.0961. Looks like the Aussie bulls just can’t be tamed! Oh wait, I think that’s the teen pop idol Miley Cyrus that Happy Pip was talking about… More…

New Zealand

Friday turned out to be a very good day for NZD/USD as it was able to go beyond its highest level this year. The pair had climbed as high as .8109 intraday before it closed the week at .8093. More…

Switzerland

Thanks to hawkish comments from SNB President Philipp Hildebrand and a very positive KOF economic barometer, the Swissy was able to stage a magnificent rally versus the Greenback last Friday. USD/CHF dropped almost 90 pips from its open price and ended the day at a new all-time low at .8650 More…