Daily Economic Roundup – August 12, 2010

What’s on the Economic Horizon
Euro Zone Industrial Production Data Due
New Zealand’s Retail Sales Up by 0.5% in June
Fewer Weekly Jobless Claims in the US?

United States

Why, thank you risk aversion! The Greenback enjoyed tons of winnings yesterday as weak data from economic powerhouses US and China spurred demand for safe-haven assets. Because of that, EURUSD sank back below 1.3000 and AUDUSD slid under the .9000 handle. More…

Euro Zone

Talk about crash and burn! Yesterday EURUSD peaked at its opening price of 1.3182 and just like that *snap*, the euro fell from the bulls’ limelight. The pair tumbled 311 pips and closed the day at 1.2871. More…

United Kingdom

*Beep beep beep* You hear that? That could’ve been the sound of the money truck backing up on your lawn had you gone short GBPUSD yesterday! The pair dropped massive pips, falling from its opening price of 1.5849 and finishing at 1.5678. More…

Japan

The yen was the only major currency that was able to hold off the mighty USD yesterday. From its opening price of 85.35, USDJPY dropped to as low as 84.73 before it rose to close at 85.39. More…

Canada

With risk aversion back in the markets, there was no other way for the high-yielding Loonie but down, down, down! USDCAD opened at 1.0323 and skyrocketed to its intraday high of 1.0475. It closed the day a tad bit lower at 1.0461 with the Loonie sustaining a 138-pip loss. Ouch! Now if that’s not a punch in the gut, I don’t know what is! More…

Australia

My my, it looks like my buddy Forex Gump was right in predicting that the Aussie could sink down under! Weak economic figures from China, Australia’s number one trade buddy, forced AUDUSD to nosedive from a high of .9165 all the way down to a low of .8981 yesterday. More…

New Zealand

Don’t blame the Kiwi for having a big “L” on its forehead. It was just jumping on the bandwagon! Trading yesterday saw the Kiwi join the other major currencies which lost to the USD. NZDUSD used its opening price of .7238 as a diving board and took the plunge to close at .7166. More…

Switzerland

The Swissy’s scorecard was as mixed as a bag of M&Ms in yesterday’s trading. Risk aversion cost it 110 pips to the dollar. Boo! But it wasn’t all bad. Thanks to the negative risk sentiment, it was able to snatch 184 pips from the euro. Yay! More…