Daily Economic Roundup – May 5, 2011

What’s on the Economic Horizon
BOE Interest Rate Decision Today
ECB to Keep Rates on Hold at 1.25%?
Fed Head Bernanke Set to Testify
Canadian Ivey PMI Dipped to 67.1 Last Month?

United States

Boo yeah! Despite the slight bump during the Asian session, the U.S. dollar managed to recoup some of its losses for the day and end higher against most of its counterparts. USDX edged closer to the 73.00 level but managed to land back above the 73.50 mark by the end of the day. More…

Euro Zone

Another draw??? After dippin’ down low during the Tokyo session and poppin’ up high during the London session, the euro ended the day with a stalemate against its American counterpart. When all was said and done, EUR/USD formed ANOTHER solid doji on its daily chart as it ended the day just 2 pips lower at 1.4831. More…

United Kingdom

Oomph! Yesterday the pound received a one-two punch from markets when beat it down the currency for the second day in a row. GBP/USD might’ve risen to 1.6503 on dollar weakness, but EUR/GBP tapped a 13-month high at .9030 while GBP/JPY dropped to 132.94. More…

Japan

They got nothing on yen, baby! The Japanese currency outwit, outplayed, and outlasted its major counterparts yesterday as risk aversion gripped the markets. It’s biggest win was against the Aussie, as AUD/JPY fell by 175 pips from a high of 88.15 to a low of 88.40. More…

Canada

Down she goes… again! For three straight days now, the Loonie has lost out against its neighboring currency. Without the support of oil, it seems the comdoll has no groove! After a bit of sideways trading, USD/CAD popped up late in the New York session to end the day 59 pips higher at .9585. More…

Australia

The Aussie just couldn’t seem to catch a good wave yesterday as it sank against both the Greenback and the Japanese yen. Risk aversion wiped out AUD/USD’s recent gains, pushing the pair below the 1.0800 handle to a low of 1.0735. AUD/JPY fared even worse as it fell almost 200 pips from an intraday high of 88.15. More…

New Zealand

Kaboom! Despite a better-than-expected report from New Zealand, NZD/USD fell sharply for the third day in a row yesterday. The pair dropped to an intraday low of .7865 before capping the day with a 95-pip loss at .7903. More…

Switzerland

Even an episode of Gardening 101 is more exciting than franc’s price action yesterday! USD/CHF ended the day in a draw at .8616, while EUR/CHF also came back to its open price at 1.2780. Will today be another snoozer for the franc? 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!