Daily Economic Roundup – January 13, 2011

What’s on the Economic Horizon
U.S. PPI, Initial Jobless Claims, Trade Balance on Deck
ECB Widely Expected to Keep Rates Unchanged
Canada’s Trade Deficit Seen at 2.0 Billion CAD

United States

No thanks to the success of Portugal’s bond auction, risk appetite was able rear its head again in the markets again yesterday, much to the dismay of the USD bulls! The U.S. dollar index, which tracks the performance of the dollar against a basket of other major currencies, fell to 80.49 from 81.25. More…

Euro zone

He’s on a roll! The euro managed to gain on its major counterparts for the third day in a row on positive economic reports in the euro zone. EUR/USD climbed by another 150 pips to 1.3132, and EUR/JPY shot up by 94 pips to 108.95. More…

United Kingdom

Blimey! For the fourth consecutive day, the pound got drunk chugging on the dollar’s pips. Cable was finally able to break away from the 1.5600 handle and end the day 150 pips higher at 1.5768! Now the question is, can the pound get its party going for five days in a row? More…

Japan

The yen was as directionless as a zombie on the charts during yesterday’s trading. It lost against its higher yielding counterparts, giving up 94 pips to the euro and 87 pips to the pound, but gaining 24 pips from the dollar when USD/JPY closed at 82.97. More…

Canada

There’s no stopping this steamroller! Risk appetite and better-than-expected economic reports from Canada gave the Loonie enough juice to trample all over the Greenback again yesterday. USD/CAD dropped to an intraday low of .9849 before it leveled off 28 pips lower than its open price at .9869. More…

Australia

The Aussie’s such a baller! After it experienced such a sharp fall against the dollar on Tuesday, it was able to fight back and regain all of its losses yesterday. AUD/USD ended the day at .9960, 100 pips higher from its opening price during the Asian trading session. More…

New Zealand

Action on NZD/USD yesterday was as intense as my new P90x workout. Bears burned pips during the Asian session and pushed the pair to an intraday low of .7563. From there the bulls took over and hustled NZD/USD to close 15 pips higher from its opening price at .7625. More…

Switzerland

The lack of economic reports from Switzerland left the franc’s price action as mixed as my momma’s chili against its major pip brothas. EUR/CHF rose for the third day in a row at 1.2692, while USD/CHF hit an intraday high of .9757 before ending the day 69 pips lower than its open price. More…