Daily Economic Roundup – January 14, 2010

What’s on the Economic Horizon

US Retail Sales To Print Upside Surprise?
ECB Rate Decision Today

United States

Unable to recover its recent losses, the greenback fell against most major currencies yesterday as it failed to draw support from US economic reports. Although the Fed’s Beige Book was a bit upbeat, traders are still wary whether this optimism would carry on after today’s retail sales report. More…

Euro zone

The EUR looked like it was going to zoom for new highs early in the US session yesterday, as it tested as high as 1.4580. However, the EUR bulls retreated, giving back some of its gains to close at 1.4509. Could traders be adjusting their positions ahead the ECB’s interest rate decision today? More…

Japan

The yen, after its spectacular performance on Tuesday, was unable to retain its gains as the currency staged a major drop against its western counterparts, the euro, the dollar and the pound. More…

United Kingdom

The Cable received a lot of loving again yesterday as currency traders speculated that the Bank of England could hike rates earlier than expected. It opened the Asian trading session at 1.6168 and soared more than 100 pips within the day, finding itself at 1.6288 by the end of the US trading session. More…

Canada

The Loonie hit it big yesterday as it completely erased its losses that it incurred vis-à-vis the dollar last Tuesday. The USDCAD fell and settled at 1.0306 from a high of 1.0413. More…

Australia

After tumbling sharply the other day against the yen and the dollar, the Aussie was able to recover some of its losses and keep itself back on the game in yesterday’s trading. The AUDJPY reached a high of 84.74 before closing slightly lower at 84.52. The AUDUSD also bounced to a high of 0.9269 before ending at 0.9243. More…

New Zealand

The dollar’s weakness kept the Kiwi afloat, although gains were minimal in yesterday’s trading sessions. The NZDUSD pair stayed within range and closed at an even 0.7400, up just 14 pips for the day. More…

Switzerland

Taking advantage of US dollar weakness, the Swissy managed to pocket some gains yesterday. The USDCHF slid to a low of 1.0138 even though Switzerland didn’t have any economic catalyst in its schedule. More…