Daily Economic Roundup – August 23, 2010

What’s on the Economic Horizon

FOMC Member Hoenig To Testify Before House Committee in Kansas

German Business Climate Cooling Down?”
New Zealand Inflation Expectations on Deck

United States

All is fair in love and pip-war! Risk aversion continued to be the dollar’s friend as it gained across the charts last Friday despite printing less-than-stellar reports during the week. EURUSD ended the week at 1.2709 after hitting an intraday low of 1.2664 on dovish ECB comments. Meanwhile, USDJPY avoided another dip below the psychological 85.00 handle and closed 33 pips higher than its open price at 85.65. More…

Euro zone

The euro must have been listening to Ester Dean and Chris Brown judging by the way it “dropped it low” last Friday. EURUSD capped the day off at 1.2709, recording a 110-pip slide and a new monthly low to boot. More…

United Kingdom

As Big Pippin always says, “Pippin ain’t easy!” Unfortunately for the pound, it learned that the hard way! The pound lost major pips against the USD last Friday as risk aversion stole the scene once again. GBPUSD fell to an intraday low of 1.5464 before it rallied during the New York session to close at 1.5533 and cement a 61-pip loss for the day. More…

Japan

Due to the absence of any significant economic data, yen trading was as mixed as a bag of nuts last Friday. The currency managed to post some gains against the euro but was unable to do so versus the dollar. USDJPY ended the day with a 33-pip win while EURJPY closed 53 pips lower. More…

Canada

It’s no magic trick, folks! Canada’s CPI report last Friday proved that what you see isn’t always what you get. Last month’s CPI surpassed analyst expectations, but traders paid more attention to the decline in core CPI. This caused the Loonie to lose across the board, with USDCAD reaching an intraday high of 1.0515 before ending the week at 1.0488. More…

Australia

V for the Aussie! Yes, yes, it’s a corny joke but that’s exactly how AUDUSD traded last Friday! While the pair did lose out early on during the Asian trading session, it managed to bounce back once the US trading session kicked in. AUDUSD eventually settled at .8923 by the end of the day, just 6 pips lower from its opening price. More…

New Zealand

Hang in there, Kiwi! Though risk sentiment remained negative, the Kiwi was able to hold its head above water last Friday. NZDUSD took an early dip to .7003 but eventually closed practically unchanged from its opening price at .7073. More…

Switzerland

Safety first! Despite the lack of reports from Switzerland last Friday, the franc managed to end the week with mixed results as risk aversion continued to set the beat of the pip charts. EURCHF closed 76 pips lower than its open price at 1.3158, but USDCHF leveled off to a 1.0354 close after reaching an intraday high of 1.0393. More…