Daily Economic Roundup – July 1, 2010

What’s on the Economic Horizon

Initial Jobless Claims, ISM PMI, and Pending Home Sales On Deck
German Retail Sales to Rebound
UK Manufacturing PMI Expected to Fall

United States

Betting on the dollar must have been tough yesterday given its mixed! The managed to clock in awesome wins against the comdolls and the pound yesterday, but it also took on a few losses to the yen, Swissy and euro. More…

Euro zone

The euro recouped some of its losses against the Greenback as it climbed from a low of 1.2166 to a high of 1.2304. Similarly, EURJPY paused from making further declines as it rallied to a high of 109.13 before closing at 108.57. More…

United Kingdom

After days of bucking the trend, Cable finally followed the rest of the markets and dropped thanks to the return of risk aversion. After opening at 1.5075, the pair closed over 130 pips lower at 1.4940. Could this be the beginning of a new down move for GBPUSD? More…

Japan

A day after dominating the markets, the yen took a breather yesterday, as it didn’t push hard against the dollar and the euro. As Big Pippin pointed out on his chart art today, USDJPY is now approaching key levels. Will the yen continue to dominate? Or is it time to let go of some gains? More…

Canada

Ka-chow! The Canadian dollar took a hit yesterday, after the release of some economic data as well as the overall “let’s sell com-dolls!” move yesterday. USDCAD touched its highest level in a month, closing over 75 pips higher to finish at 1.0637. More…

Australia

The Aussie had some eenie-meenie-miney-mo movement yesterday as it moved up and down against the Greenback before finally making up its mind and falling to a low of .8436. More…

New Zealand

After fighting to stay above the .6900 handle, NZDUSD eventually gave in to risk aversion and slid to a low of .6859. A weak US employment report and a flat Canadian GDP reading weighed the Kiwi down yesterday. More…

Switzerland

Seven against the dollar, eleven versus the euro. Those numbers represent the number of consecutive days the Swissy has gained over those currencies. It look likes the perception that the SNB has backed off its intervention activities has proven to be a boon for the Swissy, making it the recipient of the “Best Performing Currency Award” amongst all the other major currencies for the month of June. More…