Daily Economic Roundup – May 3, 2011

What’s on the Economic Horizon
RBA to Keep Rates Steady at 4.75%?
U.K. Manufacturing PMI Due Today
U.S. Factory Orders Up by 1.9% in March?

United States

Did y’all see that huge comeback by the Greenback? The U.S. dollar partied along with the Americans on Ground Zero yesterday on news that U.S. forces were able to kill Al Qaeda leader Osama bin Laden. Because of that, USDX was able to keep its head above the 73.00 mark while the Greenback gained against most of its counterparts. More…

Euro Zone

What a crazy Monday it was for the euro! After it had dropped during the Asian session on the news that Osama Bin Laden had been killed, EUR/USD managed to stage a snapback rally and recuperate all of its losses during the U.S. trading session. The pair ended the day at 1.4832, 18 pips higher from its opening price. More…

United Kingdom

Too bad the Royal Wedding high didn’t last long! While my mates over in the U.K. were celebrating their May day holiday, the pound bears were hard at work. As a result, GBP/JPY fell by 42 pips to 135.30. The pound lost to the Greenback though, when Osama’s death gave the dollar support, and dragged GBP/USD 59 pips lower to 1.6656. More…

Japan

The yen’s performance yesterday was as mixed as the reviews for the movie Arthur. It was able to get two thumbs up for its moves against the Greenback, pound, and Aussie but it didn’t do so well against the euro. If you’re wondering what’s in store for the yen today, read on! More…

Canada

After its impressive rally last Friday, the Loonie’s performance yesterday was surprisingly lackluster. Despite posting a new low, USD/CAD ended the day 60 pips higher due to Canada’s uncertain political outlook. More…

Australia

“Man, that 1.1000 handle is tough to break!” complained AUD/USD yesterday after two failed attempts to rally past the major psychological resistance. It didn’t help that news of Osama bin Laden’s death spurred a U.S. dollar rally then. Australia will take center stage today so let’s see how the Aussie will fare. More…

New Zealand

The Kiwi took a hit against the Greenback yesterday as the world’s most wanted terrorist, Osama bin Laden, was also hit. Oh okay, bad joke, but you get the idea. Osama’s death sent a positive wave to the dollar bulls, which sent NZD/USD 28 pips lower at .8066. More…

Switzerland

Despite the worse-than-expected economic reports that came out from Switzerland, the franc managed to clock in mixed price action against its major counterparts. Though USD/CHF was almost unchanged at .8651, EUR/CHF rose by 10 pips to 1.2827. Meanwhile, GBP/CHF dropped by 64 pips to 1.4406. More…

I know you’re excited to grab some pips by trading the economic events on deck, but make sure you drop by my buddy Big Pippin’s Daily Chart Art exhibit first for a quick rundown of the technical setups worth playing. Always remember that fundamentals goes hand in hand with technical analysis!