Daily Economic Roundup – January 21, 2010

What’s on the Economic Horizon

US Initial Jobless Claims Probably Stood at 441,000
French, German PMI Figures On Deck
Watch out for the BOC Monetary Policy Report Today

United States

The dollar is back! At least for one day, the dollar was invincible as it kicked all the other major currencies aside. It looks like things are starting to turn pretty well for the dollar bulls. Let’s see if the greenback can sustain its strong rally yesterday. More…

Euro zone

US dollar bulls were on a rampage yesterday, pushing the EURUSD to a low of 1.4107. The EUR was unable to put up a fight since it was weighed down by Greece’s credit woes and weaker than expected German PPI. More…

United Kingdom

The pound took some losses against the USD, but did relatively better compared to other majors as it found some support from good economic data. The GBPUSD fell by 100 pips to close at 1.6285, not so bad considering how volatile the pair normally is. More…

Japan

The yen benefited from a run of risk aversion yesterday, as it posted some nice gains across the board. The USDJPY remained steady while the EURJPY dropped by over 150 pips. More…

Canada

The Loonie experienced a serious beating in yesterday’s trading session. The USDCAD began Asia at 1.0304 but rallied to new yearly highs at 1.0490 during the US trading session. Considering the pair trades roughly 100 pips per day only, the move yesterday was pretty strong. More…

Australia

The news that China would tighten its lending policy gave the bears a chance to take the Aussie a couple of notches lower yesterday. From an intraday high of 0.9255, the Aussie plummeted and found itself at 0.9071 by the end of the US trading session. More…

New Zealand

It seems like the Kiwi got its wings clipped yesterday as it plummeted by more than 200 pips against the greenback! The Kiwi, along with its com-doll buddies, came under heavy selling pressure after China announced that it would tighten its lending. More…

Switzerland

For a second time this week, the Swissy dropped like it’s hot against the dollar yesterday. The USDCHF soared to a high of 1.0463 before settling at 1.0441 from 1.0320. More…