Daily Economic Roundup – August 19, 2010

What’s on the Economic Horizon

Philadelphia Manufacturing Industry Higher in August?
UK Retail Sales on Deck
Switzerland’s Trade Surplus to Widen to 1.86 Billion CHF

United States

The dollar’s scorecard was as mixed as a Long Island Iced Tea in yesterday’s trading primarily because of the absence of US economic reports. More…

Euro zone

Zzzzzz. With all the forex action yesterday, it would’ve been more exciting if traders just hit the beaches to catch the last of the summer sun. The lack of economic reports limited the euro’s price action, with EURUSD closing only 20 pips lower than its open price at 1.2860, while EURJPY leveled off to a 109.92 closing price after hitting an intraday low of 109.59. More…

United Kingdom

News driven – that’s the perfect description for the Cable yesterday. After soaring early on during the European trading session due to hawkish BOE meeting minutes, Cable gave up most of its when risk aversion kicked in late in the US trading session. Cable ended the day at 1.5604, just 26 pips higher from its opening price. More…

Japan

Talk about a neck-and-neck competition! After the bulls hustled USDJPY to a peak at 85.69, the bears stepped up their game and brought the pair down to its intraday low of 85.19. But the bulls weren’t ready to give up just yet. They went for another rally and settled USDJPY at 85.46, only 3 pips lower from its opening price. More…

Canada

Is there really cash in Potash? The Loonie bulls seem to think so! Rumors of BHP Billiton taking over the Potash Corp. boosted the Loonie against its major counterparts, and sent USDCAD down 42 pips from its open price at 1.0287. More…

Australia

The Aussie got a huge bear hug from currency traders yesterday. It erased the gains it made on Tuesday when it closed 162 pips lower at 0.8893. Bear hug… Haha! I crack myself up! But enough of my oh-so-funny quips. Let me give you the lowdown on the Aussie’s bad day. More…

New Zealand

Yesterday turned out to be a good day for the Kiwi as it managed score some points over the Greenback. NZDUSD opened the Asian trading session at .7124, rose to an intraday high of .7193, before settling at .7153. Although the gains were far from spectacular, it seems that traders are turning from bearish to bullish on the Kiwi, especially since yesterday marked the third consecutive day gain for the Kiwi. More…

Switzerland

“Just dance, gonna be okay, da-da-doo-doo-mm just dance.” The franc did a Lady Gaga and danced to the tune of the other currencies’ price action when no economic data from Switzerland was released yesterday. EURCHF ended the day at 1.3403 after dropping to an intraday low of 1.3358, while USDCHF closed 16 pips lower than its open price at 1.0422. More…