Daily Economic Roundup – February 8, 2011

What’s on the Economic Horizon

Canadian Housing Starts Due Today
German Industrial Production Figures On Deck

United States

With everybody stuck on their DVRs catching replays of the Superbowl and with no hardcore data released, dollar pairs pretty much remained within range. EUR/USD hit a low at 1.3508 before crawling back up to end at 1.3585, good for a 20 pip gain. Meanwhile, USD/JPY stayed within a tight range of just 31 pips, ending the day 13 pips higher at 82.31. More…

Euro zone

Whew! The euro was able to keep its head above water yesterday despite the release of worse-than-expected economic reports from the region. EUR/USD closed 20 pips higher than its open price at 1.3585 after hitting an intraday low of 1.3508. Meanwhile, EUR/JPY also ended the day on the green at 111.82 after dipping to a low of 111.25. More…

United Kingdom

“Let’s just call it a draw!” said the pound to the dollar as it stalemated against its American counterpart. With no economic data on tap, it found little reason to rally and GBP/USD closed practically unchanged at 1.6107 after a brief climb to 1.6186. More…

Japan

YEEOUCH! The yen was at the bottom of the food chain yesterday as it was preyed on by all of its major counterparts. Though its losses were limited, they were also broad-based. USD/JPY rose 13 pips to 82.31 while EUR/JPY climbed 35 pips to finish at 111.82. More…

Canada

The currency bulls felt the pip-love for the Loonie yesterday when Canada’s economic report didn’t turn out as bad as analysts expected. USD/CAD managed to cap the day 22 pips higher than its open price after sliding to an intraday low of .9858. More…

Australia

Trading the Aussie yesterday was about as chill as a day on the beach. MEGA CHILL! In spite of the heavy releases Australia rolled out early in the day, the Aussie hardly budged! AUD/USD finished the day at 1.0137, just 4 pips higher than its opening price. More…

New Zealand

The Kiwi’s price action was as exciting as watching water boil especially when markets were quiet and New Zealand didn’t release any economic report. NZD/USD ranged for most of the day yesterday, and closed only 6 pips higher than its open price at .7701. More…

Switzerland

Did traders take a long weekend at the Swiss Alps? Looking at yesterday’s trading on USD/CHF, it sure looks like it! The pair traded within a tight range of less than 70 pips, eventually closing at .9556, 20 pips lower for the day. More…