Daily Economic Roundup – July 19, 2010

What’s on the Economic Horizon

Economic Data to Dictate the Dollar’s Movement This Week
Euro zone Current Account Balance on Tap
BOC Expected to Raise Rates by 0.25%

United States

Aaand we’re back! After taking on big losses through most of the week, the Greenback finally showed signs of life last Friday. Although it ended last week strongly against most currencies, it wasn’t able to have its way the euro. EURUSD closed 7 pips lower only at 1.2926, after hitting a daily high of 1.3008. More…

Euro zone

Was the 1.3000 level the height of euro’s party? After tapping the psychological mark last Friday, EURUSD went back near its open price at 1.2926 while EURJPY ended the day 134 pips lower than its intraday high of 113.36. More…

United Kingdom

Looks like the Pound bulls are getting tired of running the uphill path on the charts! GBPUSD struggled to stay above the 1.5400 handle and slipped midway through the London session. Without any economic report to cheer them on, the Pound bulls let the pair finished at 1.5300 as it appears that risk aversion came back in force. More…

Japan

“Swoosh! Ka-ching!” That was the sound that the yen made in Friday’s trading as it used its currency-samurai sword to slice and dice pips from its counterparts. USDJPY crumbled from the day’s opening price of 87.46, reaching 86.27 and until it closed the week at 86.67. More…

Canada

The Loonie lost major pips last Friday. Unfortunately, unlike in the TV show, it didn’t get a prize for being one of the biggest losers! To end the week, USDCAD soared from its opening price of 1.0389 and rested at 1.0547 for the weekend. More…

Australia

Boing! Like a springy kangaroo, the Aussie touched the ground last Friday after enjoying days of rallies against the majors. AUDUSD fell by 148 pips from its open price and closed at .8697, while AUDJPY took a 192-pip hit from its open price to land at 75.36. More…

New Zealand

The New Zealand dollar showed the markets why it has been nicknamed after a flightless bird last Friday. The Kiwi flapped its currency wings to the day’s high against the dollar at .7299 which was only 7 pips above the opening price, traded downward and closed the week .7112. More…

Switzerland

The Swissy’s got a Swiss mountain to climb if it wants to get out of this ditch! It dropped like a rock against its US counterpart as USDCHF encountered major resistance in the area of 1.0500. In the end, the pair closed at 1.0516, marking a 96-pip climb for the day. More…