Daily Economic Roundup – December 23, 2010

What’s on the Economic Horizon

U.S. Initial Jobless Claims and Durable Goods Orders on Deck

U.K.’s Current Account Deficit Widens to 9.6 Billion GBP
New Zealand’s GDP Unexpectedly Contracts in Q3

United States

Just like Reese Witherspoon’s movie “How Do You Know”, the dollar also flopped in yesterday’s trading as it lost to all of its major counterparts except for the pound and the Kiwi. EUR/USD closed 4 pips higher at 1.3099 while USD/JPY ended the day 19 pips lower at 83.54. Heck! AUD/USD even took another shot at parity! More…

Euro zone

“Ho ho noooooo!” The market Grinch roundhouse-kicked Santa and took over the euro’s price action yesterday on mixed economic reports from the euro region. EUR/USD dropped from its intraday high of 1.3182 to 1.3099, and EUR/JPY fell by another 22 pips at 109.43. Meanwhile, EUR/CHF continued to test the limits of the pip deeps, plunging 89 pips more at 1.2469. More…

United Kingdom

Blimey, look at the pound fall! The Sterling continued to lose ground against its major counterparts yesterday when risk aversion maintained its hold in markets, and the U.K. posted less-than-awesome economic reports. GBP/USD fell for the fourth day in a row to its 1.5382 closing price. Meanwhile, GBP/JPY joined the 4-day sell-the-pound marathon by dropping 95 pips to 128.52. More…

Japan

It looks like the yen bulls received their presents early this year, as the yen was able to edge out all the other major currencies on the charts! Yesterday, after it had opened the day at 83.73, fell and closed the day lower at 83.55. Similarly, EUR/JPY ended the day at 109.43, 22 pips below its opening price. More…

Canada

Boy did traders go loony for the Loonie yesterday! USD/CAD traded lower as soon as it opened at 1.0175, reaching an intraday low of 1.0111. It then spiked up to tap a high of 1.0178, but since Greenback got nothing on Loonie, the pair went back down again to close the day at 1.0142. More…

Australia

While other major currencies scrambled to hold their ground against the dollar and the yen, the Aussie was well supported as it zoomed all the way to parity yesterday! AUD/USD closed the U.S. session at 1.0007, 44 pips higher than its opening price during the Asian trading session. More…

New Zealand

Say what?! The Kiwi bears partied in the pip streets yesterday when a report showed that the New Zealand economy surprisingly contracted in the third quarter. NZD/USD gave up 7 pips all the way to .7422 after it reached an intraday high of .7451. More…

Switzerland

Despite the lack of economic data, the Swissy was still able to get traders singing, “Oh Swissy! You’re so fine, you blow my mind!” EUR/CHF tapped a new all-time low at 1.2439 before finally closing the day at 1.2467, while USD/CHF closed 71 pips lower at .9519. Whaddup! More…