Daily Economic Roundup – August 24, 2010

What’s on the Economic Horizon
US Existing Home Sales to Dip Again
Canada’s Core Retail Sales Seen at 0.1%
BBA Mortgage Approvals on Tap

United States

The Greenback was off to a slow start on Monday as it slid against most of its major counterparts during the Asian session. Even though the US didn’t release any top-tier reports yesterday, the Greenback’s action kicked into high gear as it made some gains during the US session. More…

Euro Zone

Are most traders out to catch the last of the summer sun? The lack of volatility near the end of the summer turned the euro’s price action into a near-snoozer. More…

United Kingdom

“Wooaah, you got us hatin’ on the Pound,” sang currency traders yesterday as they dumped the currency for the dollar and the yen. The bulls hustled GBPUSD to its intraday high of 1.5618 only to be pounced on by the bears and end the day at its opening price of 1.5520. Against the yen, the pound lost 50 pips as it closed the day at 132.32. More…

Japan

The yen starred as the pip-ranha of the charts yesterday as it munched on pips at the expense of its counterparts. It gained 84 pips from the euro, 50 pips against the Pound and 34 pips from the dollar as USDJPY closed at 85.26. What spurred the yen into a pip-frenzy yesterday? More…

Canada

Going once… going twice… it’s still not sold! Rumors of two other companies countering Australian company BHP’s offer to buy Canadian company Potash might have provided support for the Loonie early in the day, but global growth concerns soon caught up with the Canadian dollar. More…

Australia

Even though AUDUSD gapped down over the weekend, the pair was quick to erase those losses and chalk up some gains as it rallied to a high of .8983. It looks like the Aussie is acting indifferent to all the political uncertainty going on in the Land Down Under! More…

New Zealand

The Kiwi sprinted to intraday high of 0.7124 yesterday. However, it lost its mojo during the New York session and caught up to it. NZDUSD then erased its gains and finished at .7067 giving the Kiwi only a 17-pip win. More…

Swtizerland

The franc came to life during the European trading session after ranging along like the famous Swiss alps during the early trading sessions. The mixed PMI data from the euro zone attracted the franc bears, and sent EURCHF 81 pips higher than its intraday low at 1.3186. USDCHF, too, went on its merry way up to a 1.0413 close, 111 pips from its intraday low. More…