Daily Economic Roundup – July 16, 2010

What’s on the Economic Horizon

US CPI Expected to show Falling Prices
EZ Trade Balance on Tap
BOJ Monthly Report Due Today

United States

Geronimoooo!!! The depressing economic data from the US and the optimism for the euro currencies plunged the dollar into the pip deeps yesterday. EURUSD rocketed by 206 pips from its open price and closed at 1.2949, while USDJPY suffered a 111-pip drop from its intraday high at 87.39. More…

Euro zone

The euro skyrocketed up the charts yesterday and became the Michael Jackson of the forex market as currency traders proclaimed it King of Pips! EURUSD opened the day at 1.2737, dropped a bit, found minor support at 1.2720, before making its way to the top of the charts. It hit a fresh two-month high against the dollar at 1.2956 during the New York session and closed the day at 1.2943. More…

United Kingdom

Okay, who angered the Sterling?? Admit it Cyclopip, it was you, wasn’t it?? Whatever it was that you did, the Sterling didn’t look too happy about it, as it surged ever so strongly during yesterday’s trading sessions. GBPUSD rallied from 1.5256 to close at 1.5446, capping of a humongous 190-pip gain. Yowza! More…

Japan

After seeing the Yen’s awesome performance against the Greenback yesterday, you can bet Yen bulls were belting out their best versions of “Mr. Roboto” at their local karaoke joints. USDJPY was poppin’, lockin’ and DROPPIN’ as it fell from its opening price of 88.29 to finish at 87.46. More…

Canada

Yesterday the CAD bulls failed to show enough strength against the pessimism in the US, even when Canada posted positive economic data. The Loonie lost 56 pips to the dollar at 1.0383, and a whopping 285 pips against the euro at 1.3444. More…

Australia

The Aussie was unable to reel in bulls despite the dollar’s weakness yesterday. After opening at .8833, AUDUSD just seesawed up and down the .8800 handle. The bears gained the upper hand when the US session started, driving AUDUSD to the day’s low at .8727, but they eventually lost control and let the pair end at .8825. More…

New Zealand

Way to go, little guy! The Kiwi stood tall over the Greenback at the end of yesterday’s trading sessions, cementing its 8th consecutive win over its American counterpart. NZDUSD reached an intraday low of .7175 before it decided to rally and end at .7292. More…

Switzerland

The franc traded with mixed results yesterday after the positive sentiment in the euro region boosted EURCHF, but the depressing economic reports from the US sent the dollar bulls to the low-yielding franc. EURCHF ended the day 66 pips higher at 1.3479, while USDCHF plunged to 1.0410 from its 1.0526 open price. More…

  • plcdoc

    Overall, it looks like a mild retracement and then on down for the dollar and the US equities.

  • plcdoc

    Overall, it looks like a mild retracement and then on down for the dollar and the US equities.