Daily Economic Roundup – August 20, 2010

What’s on the Economic Horizon

Canadian Inflation Data on Deck

United States

The dollar woke up in the New York session feeling like Pip Diddy as it rock ‘n’ rolled on the charts thanks to risk aversion. EURUSD closed 40 pips lower at 1.2820 after it got rejected at the 1.2900 handle. However, the dollar’s “Imma fight ’til I see the sunlight” attitude didn’t work against the yen or the Swissy. More…

Euro zone

The euro went on quite a strong rally during the London session, but the party came to an end when risk aversion reared its ugly head at the start of the New York session. From hitting an intraday high of 1.2904, EURUSD slipped and closed at 1.2819 to record a 41-pip fall for the day. More…

United Kingdom

Data, data, data! Once again, the pound was primarily driven by news yesterday, rising on account of awesome retail sales data but dropping soon after on account of risk aversion. Cable ended the US trading session at 1.5596, barely changed from its Asian session price of 1.5604. More…

Japan

After falling slightly during the Asian session, the yen turned out to be the currency of choice of traders when a wide-reaching case of risk aversion hit the markets during the US trading session. USDJPY had gone as low as 85.00 before it settled at 85.41 by the end of the day. More…

Canada

We’re going down down in an earlier round, but sugar, we AIN’T goin’ down swingin’! The Loonie hardly put up a fight against the Greenback yesterday. Then again, after seeing Canada’s horrendous economic data, could we really blame it? USDCAD made a 103-pip leap up the charts to close at 1.0391 at the end of the day. More…

Australia

“That’s what you get when risk aversion kicks in! Whoo-ooh-oh,” sang the bears as they pounced on the Aussie in yesterday’s trading. AUDUSD fell like a rock after it reached its intraday high at 0.9018 and closed the day 64 pips lower at 0.8927. More…

New Zealand

After seeing yesterday’s price action, you can bet Kiwi bulls weren’t shouting “Ki-wiiiiiiiiiiiiii!” “Ki-boo!!!” is more like it! Throughout most of the day, NZDUSD was on a downhill sprint, falling from its opening price of .7153 and closing at .7075. More…

Switzerland

“Go Swissy, it’s your pipday we’re gonna party coz it’s your pipday,” chanted the traders as the Swissy gained against most of its counterparts yesterday. EURCHF had opened at what would be its intraday high at 1.3403 before it dropped like it’s hot to its closing at 1.3235. It also bagged 99 pips against the dollar when it finished the day at 1.0323. Boo yeah! More…