Daily Economic Roundup – July 22, 2010

What’s on the Economic Horizon

UK Retail Sales To Rock the Markets

US Initial Jobless Claims Expected to Rise to 449,000
Eurozone PMI Figures Due Today

United States

Winner, winner, chicken dinner! The USD showed the markets that it had an ace up its sleeve yesterday, as it chalked up wins across the board. Thanks to a healthy bout of risk aversion, EURUSD folded from its opening price of 1.2892 to close at 1.2768. More…

Euro zone

3…2…1…BLAST-the-euro-rally-OFF!!! Judging from yesterday’s price action, markets are expecting the European banks to crash and burn the EU stress tests even before the results take flight tomorrow. More…

United Kingdom

As risk aversion directed the currency market’s traffic yesterday, the Pound virtually had no choice but to take a backseat to the dollar. The bears drove GBPUSD from the intraday high of 1.5335 and parked the pair at 1.5177 to end the day. More…

Japan

The yen was high up on the charts like a rockstar carried by a moshpit of bears yesterday! It gained 43 pips against the dollar, 60 against the euro and 158 against the Pound. And with all those pips, the yen just couldn’t help taunt its counterparts by singing, “That’s what you get when risk aversion kicks in! Whoo-oooh-oooh!” More…

Canada

Just like its national sweetener, the CAD was as sweet as maple syrup… To the bears! Yesterday, USDCAD went on a sugar rush and dashed from an intraday low of 1.0352 only to crash at 1.0478 at the end of the day. More…

Australia

Why, oh why, couldn’t the Aussie stay high? Despite printing a better than expected leading index yesterday, the Australian dollar crumbled against the heat of risk aversion that softened the comdolls. AUDUSD played along a 70-pip range before dropping to its .8781 close. More…

New Zealand

NZDUSD traded lower yesterday as risk aversion blindfolded the bulls’ and kept them from charging the Kiwi. The pair opened the day at .7160 and consolidated around it for the most part of yesterday’s trading. But, when the American session started the pair tumbled down to close the day at 0.7139. Tsk, tsk. More…

Switzerland

The Franc must be a big fan of DJ Khaled’s because it was singin’ “All I do is win!” all over the charts yesterday! It was one of the biggest winners during yesterday’s trading sessions, gaining against almost all of the other major currencies. It was even able to squeeze out a narrow win over the Greenback as USDCHF fell 21 pips to close at 1.0504. More…