Daily Economic Roundup – August 11, 2010

What’s on the Economic Horizon
UK Housing Reports to Reveal a Slowdown?
Canada Sees Smaller Trade Deficit in June
US Federal Budget Balance on Tap

United States

Thanks to risk aversion, the dollar was able entice currency traders with its p-p-p-poker face and drive EURUSD to an intraday low of 1.3074. But it wasn’t long until fundamentals kicked into gear. More…

Euro Zone

Is the euro rally losing its steam? After reaching a high of 1.3334 against the dollar early this week, the euro continued to level off its gains against its major counterparts. EURUSD closed at 1.3183 after reaching an intraday low of 1.3074, while EURJPY fell 107 pips from its open price at 112.53. More…

United Kingdom

Whoa, am I seeing double? Just like the euro, the big FOMC statement managed to ease some of the pound’s losses yesterday, but the currency’s performance against the yen reflects the wariness of the traders. GBPUSD ended the day at 1.5850 after dropping to an intraday low of 1.5711, but EURJPY went on its merry way down by 133 pips from its open price at 135.28. More…

Japan

The Japanese yen flexed its muscles yesterday and strengthened against its major counterparts. At the end of the day, USDJPY closed at 85.80 after tumbling from a peak of 86.24. More…

Canada

The Loonie sobbed early on yesterday’s trading as risk aversion spooked investors away from it, allowing USDCAD to peak at 1.0389. Boo hoo! Fortunately, the negative risk sentiment didn’t linger long, and USDCAD ended the day lower at 1.0319. However, the Loonie still got its heart broken with a 51-pip loss against the dollar. More…

Australia

Talk about going down under! The Aussie sank to a low of .9059 against the dollar and 77.85 against the yen as weak economic figures dragged it down. More…

New Zealand

The Kiwi drove down the highway to LoserPipsville yesterday after the traders closed up their dollar shorts ahead of the big FOMC announcement. Good thing NZDUSD managed to limit its losses to 47 pips at .7239 after the dollar dropped on the Fed’s grim economic outlook. More…

Switzerland

Did you see how pip-tastic the Swissy was in yesterday’s trading?? EURCHF closed the day at 1.3822 giving the Swissy a 50-pip gain. Whaddup! Hmm, profit-taking probably took place after the bulls hustled the pair to a two-month high of 1.3926. More…