Daily Economic Roundup – August 6, 2010

What’s on the Economic Horizon

Expect Fireworks: Non-farm Payrolls Ahead
German Industrial Production Expected to Rise 0.8%
Unemployment in Canada Unchanged at 7.9%?

United States

“I’m bringin’ sexy back,” sang the dollar as it recovered some of its losses in yesterday’s trading. Why? Coz ‘em other currencies just don’t know how to act with risk aversion! EURUSD fell to 1.3134 after reaching an intraday high of 1.3236. However, the dollar wasn’t able to hang on its gains as it still ended the day with a 22-pip loss at 1.3186. More…

Euro zone

When did Mr. EURUSD become a fan of roller coasters? After opening the Asian session at 1.3164, EURUSD navigated the charts like it was on steroids, hitting an intraday low of 1.3117 before soaring up to 1.3230. At the end of the day, however, EURUSD settled at 1.3190, a mere 26 pip gain. More…

United Kingdom

Yesterday, financial markets proved that they don’t like the intrigue of people heading towards Splitsville as much as Hollywood does. The split decisions of BOE sent negative vibes to traders, and sent GBPJPY 74 pips down from its open price. Meanwhile, EURGBP dropped 27 pips from its intraday high at .8299 and GBPUSD was left virtually unchanged. More…

Japan

“Look, no hands!” Like kid showin’ off his biking skills to his momma, the yen proved that it can gain against the majors without publishing any report. USDJPY dropped 46 pips from its open price at 85.82, while EURJPY ended the day at 113.20 after reaching an intraday high of 113.91. More…

Canada

The Loonie was rollin’ on the pip river as USDCAD traded lower after opening at 1.0178 yesterday. The pair was droppin’ like it’s hot down the charts but it fell short of the 1.0100 handle, only peaking at 1.0108. Then, risk aversion kicked in and forced the Loonie to give up some of its initial gains and ended the day with only a 7-pip win. More…

Australia

With only the AIG construction index under its belt yesterday, the Aussie might have been affected by the mixed reports on the euro zone, UK, and the US. The positive comments of ECB’s Trichet were outweighed by the negative vibes from the BOE decision, as well as the weaker-than-expected initial jobless claims report in the US. AUDUSD dropped to an intraday low of .9116 before it closed at .9152. More…

New Zealand

The disappointing results of New Zealand’s employment report caused the bulls to scream out in frustration and let go of their Kiwi holdings. NZDUSD hit an intraday low of .7250 on the bad news, but the pair was able retrace some of its losses during the US session to end the day a couple of pips above the .7300 handle. More…

Switzerland

The Swissy was able to sprint far enough to lock in some of its gains against the dollar before risk aversion started to chase pips away from higher-yielding currencies. After opening at 1.0528 yesterday, USDCHF traded downhill and reached an intraday low of 1.0413. Then, it started to run into the dollar’s turf and closed the day at slightly higher at 1.0462. Fortunately for the Swissy it was still able to hold on to 66 pips! Whew! More…

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