Daily Economic Roundup – January 6, 2011

What’s on the Economic Horizon
Euro Zone Retail Sales and German Factory Orders Due
Canada’s Ivey PMI to Dip to 53.3
U.S. Jobless Claims Back at 400K?

United States

Yesterday the dollar made a huge pip-slosion on the charts, posting three-digit wins against most of its counterparts, thanks to better-than-expected data. Boooom!!! EUR/USD ended the day 142 pips lower at 1.3156, while USD/JPY and USD/CHF skyrocketed 121 pips and 171 pips, respectively. More…

Euro Zone

And the debt drama continues! Just when you thought that fiscal conditions in the euro zone are about to get better, new worries popped up again. Because of that, EUR/USD fell from its daily open price of 1.3298 to a low of 1.3125. Ay caramba! More…

United Kingdom

The daily chart of GBP/USD is starting to look like Pipcrawler’s favorite Christmas-themed striped shirt the way the pound has been alternating big wins and big losses! Yesterday, thanks to a disappointing construction PMI report, the bears’ were able to take over, pushing Cable down 75 pips to 1.5511. More…

Japan

Another day, another loss! The yen has failed to show any signs of strength this week as it slid ever so sharply during yesterday’s trading. In light of positive employment data from the U.S. and depressing economic conditions in Japan, USD/JPY staged a 121-pip rally that ended at 83.25. More…

Canada

It looks like the Loonie won’t go down without a fight as it struggled to bounce back from its recent loss against the Greenback. Once again, the psychological 1.0000 handle acted as resistance for USD/CAD. The pair slid to a low of .9933 before closing at .9962. More…

Australia

Without any economic report on tap, the Aussie suffered another wipeout on the charts yesterday. AUD/USD plunged from its intraday high of 1.0076 to .9960 before finally closing the day at .9997 with a 56-pip loss. More…

New Zealand

And the nightmare continues for Kiwi bulls! Yesterday, the Kiwi chalked up its third and largest decline this week. Without a single report to support the Kiwi, NZD/USD continued on its southern course and recorded an 87-pip slide to finish at .7579. More…

Switzerland

It must’ve been a total bummer for the Swissy that traders didn’t find it as sweet as Swiss chocolates yesterday. It lost 171 pips to the dollar when USD/CHF closed at .9660. Against the euro, it gave up 91 pips when the pair ended the day at 1.2708. More…