Daily Economic Roundup – August 25, 2010

What’s on the Economic Horizon
US New Home Sales to Disappoint Also?
German Ifo Business Climate Index Due

United States

Risk aversion reigned supreme yesterday as all the gloom and doom renewed demand for the safe-havens. Because of that, the Greenback scored tons of winnings against most of its major counterparts, except for the Swissy and the yen. More…

Euro Zone

Thar she blows! Action on EURUSD may have been muted with just an 11-pip gain for the day, but moves on EURJPY were simply explosive yesterday! Thanks to a bout of risk aversion and Japan’s hesitation to intervene and stop the yen’s gains, EURJPY tumbled from its opening price of 107.93 to forge a new nine-year low at its intraday low of 105.44. Yowza! More…

United Kingdom

The Pound bulls learned the hard way why currency traders say “Loose lips sink pips.” GBPUSD closed 89 pips lower yesterday at 1.5427 after it dipped to its one-month low at 1.5373. The bulls also have the same sob story with GBPJPY as the bears to drove the pair to its 3-month low at 128.80, before it closed 7 pips higher. More…

Japan

Risk aversion transformed the yen to Pipzilla yesterday as it stomped pips out its counterparts on the charts. USDJPY crumbled to its 15-year low at 83.61 before ending the day at 84.12, giving the yen a 111-pip win. And it’s winning streak didn’t end there! It also gained 132 pips against the euro and 303 pips from the Pound, yowza! More…

Canada

Timbeeeeeer! Down went the Loonie as weak retail sales and risk aversion chopped down Loonie bulls’ hopes. USDCAD flew 80 pips up the charts and perched at 1.0603 at the end of the day. More…

Australia

“Aussie get low, low, low, low, low..” If the FX market had a resident RnB singer named Pip Rida, he’d probably sing that after the currency added 99 pips to its stack of losses against the dollar yesterday. AUDUSD tumbled to its 5-week low at 0.8798 before it closed the day at 0.8816. Tsk, tsk! More…

New Zealand

A total lack of originality was what we saw from the Kiwi yesterday. It joined the rest of the currency losers and decided to head south for the day as NZDUSD closed 22 pips below its opening price of .7069. More…

Switzerland

Whee! USDCHF enjoyed sliding down the charts yesterday as it topped at 1.0451 and closed at 1.0311. Hmm, it looks like the Swissy just outperformed the Greenback in the safe-haven arena! More…