Daily Economic Roundup – January 21, 2011

What’s on the Economic Horizon

U.S. Existing Home Sales to Increase 12.3%?
Bad Weather Hurts December U.K. Retail sales?
Canadian Retail Sales on Tap
German IFO Predicted To Print at 109.9

United States

Make way for the king of the hill! The Greenback once again flexed its pip-muscles yesterday when risk aversion in markets made it easy for the currency bulls to turn their eyes on positive economic data from the U.S. USD/JPY rocketed by 96 pips to 83.01, while GBP/USD dropped to 1.5896. Meanwhile, EUR/USD ended in a near stalemate at 1.3474 after dropping to an intraday low of 1.3396. More…

Euro zone

Action on EUR/USD yesterday was as intense as Steven Tyler on American Idol. The pair bounced back and forth between the 1.3400 and 1.3500 psychological handles all throughout the day. In the end, it was only 2 pips higher at 1.474 from its opening price. More…

United Kingdom

It looks like the 1.6000 handle was too much to handle! For the first time in 10 days, GBP/USD found itself on the losing end, dropping almost 100 pips to close at 1.5896. Is this is a reversal in the making? More…

Japan

If you were watching yen action yesterday, you probably felt like it was a video game, as the yen got stomped on like a Koopa! USD/JPY rose nearly 100 pips, closing at 83.01, while EUR/JPY gained 130 pips to finish at 111.85. More…

Canada

The Loonie’s loss against the dollar in yesterday’s match-up was more of an eyesore than Fernando Verdasco’s outfit in the Australian Open. It was the underdog in the Asian and European sessions as USD/CAD rallied to an intraday high of 1.0031. Towards the end of the day, it gained the upperhand and was able to close at .9971. More…

Australia

Yeouch!!! The Greenback choke-slammed the Aussie yesterday when China and the U.S. released more awesome- than-expected economic reports. AUSUSD plunged by 126 pips to .9877 after hitting an intraday low of .9832. More…

New Zealand

Just like the Old Spice guy, NZD/USD swan-dived from its opening price of .7696 all the way down to .7532 before closing the day at .7586. Geronimooo! So what caused the Kiwi’s fall into the pip-deeps? More…

Switzerland

Ooomph! The franc lost a lot of its glitter against its major counterparts yesterday on not-so-awesome economic reports from Switzerland and risk aversion in markets. USD/CHF zoomed by 123 pips to .9673, while EUR/CHF soared to 1.3032, 166 above its open price. More…