Daily Economic Roundup – May 4, 2011

What’s on the Economic Horizon

ADP Non-Farm Employment to Show a 200K Gain
Euro zone’s Retail Sales Seen at +0.2% for March
Australian Retail Sales Also on Deck

United States

The dollar’s performance yesterday was as mixed as fruit salad yesterday! The dollar staged a nice rally versus the pound and the comdolls, ended the day barely changed against the euro, but gave up ground to the Swissy and the yen. The U.S. dollar index closed the U.S. trading session at 73.58, up .08 from its open. More…

Euro Zone

Hang in there, buddy! Despite the round of risk aversion in markets yesterday, the euro held strong against its major counterparts. EUR/USD finished the day near its open price at 1.4833, while EUR/GBP rocketed by 101 pips to .9006. More…

United Kingdom

The pound took a beating yesterday after weak U.K. economic data, combined with risk aversion, erased GBP/USD’s recent gains. The pair fell from a high of 1.6656 to a low of 1.6464 before closing at 1.6470. GBP/JPY plummeted by almost 200 pips from its open price of 135.31 and ended the day at 133.33. More…

Japan

The yen was able to gain due to a slight case of risk aversion yesterday. Earnings were reportedly lower and there was speculation going around that global growth may decelerate due to intensified security measures after Osama Bin Laden’s death. EUR/JPY, for instance, fell to 120.07 after it had opened the Asian trading session at 120.47. More…

Canada

That’s strike two for the Loonie! The Greenback continued to strengthen in markets for the second day in a row, which took its toll on oil prices and the oil-related Loonie. As a result, USD/CAD ended the day 18 pips higher at .9527 after dropping to an intraday low of .9458. More…

Australia

No thank you RBA! The Aussie found itself losing ground across the board due to the not-as-hawkish-as-before interest rate statement of the RBA yesterday. AUD/USD fell to 1.0863 from its open at 1.0942 while AUD/JPY dropped to 87.30 from 87.69. More…

New Zealand

The Kiwi had its wings clipped by risk aversion yesterday, forcing NZD/USD to plummet from the week open price of .8067 to last week’s low of .7970. Will it have a chance to fly again today? More…

Switzerland

Let’s go, Swissy, let’s go! The Swiss franc chalked up another day of gains against the Greenback as USD/CHF reached the .8600 area. The pair opened at .8656, reached a low of .8596, before closing at .8616. Could the franc extend its winning streak today? 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!