Daily Economic Roundup – December 13, 2010

What’s on the Economic Horizon

French Current Account Deficit Predicted to Narrow?
BOC Governnor Mark Carney to Speak Today

Switzerland’s PPI to Climb 0.1%

United States

Despite seeing better-than-expected economic results from the U.S., the USD was unable to gain traction against most of its major counterparts. EUR/USD remained steadfast and refused to give in to dollar bulls as it closed almost unchanged at 1.3228. More…

Euro zone

Unlike Mick Jagger, the euro didn’t have any swagger on the charts last week. Boo! No thanks to disappointing economic reports, it posted its fifth consecutive loss against the dollar on Friday, with EUR/USD closing 14 pips lower at 1.3228. More…

United Kingdom

Despite lower-than-expected economic data, the pound was still able to post gains against its major counterparts. At the end of Friday’s trading, GBP/USD was up 46 pips at 1.5811, while EUR/GBP was down 34 pips at .8366. And no, its wins didn’t have anything to do with Prince William and Kate Middleton’s engagement photos. More…

Japan

What a snoozefest! The absence of “real” economic data from Japan kept price action relatively calm last Friday. USD/JPY ended the day at 83.92, barely changed from its opening price of 83.70. EUR/JPY traded in a similar rangebound fashion, closing the day at 111.05, which was merely 23 pips higher from its opening price. More…

Canada

Just as the Canadian welterweight champion, Georges “Rush” St.-Pierre, gave Josh Koscheck a beating in UFC 124, the Loonie pummeled its American counterpart last Friday. But unlike the one-sided championship bout, the Loonie faced a tough battle and was only able to squeeze out an itsy-bitsy 11-pip gain over the dollar. Positive data from both sides of the border saw USD/CAD close just below 1.0100 to end the week. More…

Australia

Boooring! Pick a direction already! With nothing on its economic cupboard, AUD/USD’s price action was as bouncy as a basketball last Friday as it simply moved between Thursday’s highs and lows. At the end of the day, AUD/USD closed at .9828, hardly changed from its opening price of.9843. More…

New Zealand

The Kiwi was speeding on the fast lane up to its intraday high at .7530 when its rally came to an abrupt halt. Then, sha-bam! It was all downhill for NZD/USD, closing the day 12 pips lower at .7482. More…

Switzerland

Three in a row, baby! For the third straight day, the Swissy made the dollar say “Uncle!” as uncertainty over the outlook for the U.S. economy kept traders from selling off their Swiss francs for dollars. When the New York session came to an end, USD/CHF had fallen 32 pips for the day. More…