Daily Economic Roundup – May 6, 2011

What’s on the Economic Horizon
U.S. NFP to print softer figure?
Canadian employment slated to show increase
U.K. PPI due to show 1.7% rise?

United States

And just like that, the dollar’s back in style! Not-so-hawkish remarks from the ECB and a sharp slide in commodities saw the USDX climb from 73.53 to a one-week high of 74.59. Meanwhile, EUR/USD finally broke out of consolidation, falling from its seven-month highs to post a 304-pip drop to 1.4527. More…

Euro Zone

KABOOM! After snoozing against its major counterparts for the past couple of days, the euro finally woke up…on the wrong side of the bed! EUR/USD plunged by a ginormous 304 pips to 1.4527, while EUR/JPY ended the day 308 pips lower at 116.39. More…

United Kingdom

Oh, that’s gotta hurt! The pound took another beating from the Greenback and the yen yesterday as risk aversion gripped the markets again. GBP/USD dipped to a low of 1.6359 while GBP/JPY dropped by almost 200 pips from its 132.94 open price. More…

Japan

And a-one, and a-two, and a-three! For the third straight day, the yen posted huge wins on the charts as risk aversion reared its ugly, Cyclopip-esque head once again. USD/JPY dropped 44 pips to 80.12 while EUR/JPY tumbled 308 pips to 116.39. More…

Canada

There’s just no stopping the Greenback! For the fourth day in a row the dollar crushed the Loonie down the chart as risk aversion continued to plague the markets. USD/CAD even tipped an intraday high of .9714 before ending the day with a 97-pip gain at .9682. Will the Loonie get a break today? More…

Australia

Down she goes… again! The Aussie seems to have lost control over its legs as it just keeps falling day after day! Without support from commodities and economic data, AUD/USD posted its fourth consecutive slide, falling 174 pips to 1.0562. More…

New Zealand

Imagine the Kiwi’s disappointment when it found out that risk aversion extended its stay in the markets! NZD/USD fell 90 pips from its .7903 open price before ending the day at .7826. Will it be able to bounce back today? More…

Switzerland

It looks like the Swiss franc’s happy days are over as it gave way to Greenback strength yesterday. USD/CHF started the day at .8617, dipped to a low of .8557, only to jump back to the .8700 area. 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!