Daily Economic Roundup – January 20, 2010

What’s on the Economic Horizon

US Building Permits and Housing Starts Due Today
UK Labor Market Data on the Docket
Canada’s Inflation Figures on Tap Later
New Zealand Retail Sales Probably Rose 0.6% in December

United States

Dollar domination! Greenback strength, which was seen all over the markets yesterday, was most likely a result of these factors: the Senate elections in Massachusetts, increased purchases of US long-term securities, and good old risk aversion. More…

Euro Zone

Sacrebleu! The euro got whipped in yesterdays trading session as it was hurt by poor economic data that was released. The EURUSD fell 80 pips to close the day at 1.4302. More…

Japan

The yen traded in a mixed fashion in yesterday’s trading session. While the yen was able to post some gains against the euro, it was sold off against the pound and the dollar. More…

United Kingdom

The Cable managed to stage an early rally during the Asian trading session yesterday. The Cable’s move, however, proved to be short-lived as the pair erased all of its gains when another wave of risk aversion hit the markets during the European trading session. More…

Canada

The Loonie got trumped by the dollar yesterday’s due to the BOC’s stance to maintain its current monetary policy. The USDCAD rose to as high as 1.0348 before settling at 1.0305. More…

Australia

Just as Maria Sharapova fell short in winning a decider versus Maria Kirilenko in the opening round of the 2010 Australian Open, the Aussie, in a similar way, failed to close out the dollar after staging a strong rally during the last part of yesterday’s session. The score? Open: 0.9266, Low: 0.9176, Close: 0.9248. More…

New Zealand

The Kiwi was able to withstand the USD’s might and stood its ground in yesterdays rumble. The Kiwi bulls kept the NZDUSD afloat to finish near its opening at 0.7393. More…

Switzerland

The Swissy bowed down to the US dollar yesterday, pushing the USDCHF up to the 1.0350 area. Switzerland’s economic docket was empty then, leaving the Swissy vulnerable to US dollar strength. More…