Daily Economic Roundup – July 5, 2010

What’s on the Economic Horizon

US Traders On a Holiday
RBA Expected To Keep Rates Unchanged
Swiss Retail Sales On Deck
UK Services PMI to Dip in June

United States

It may be a day of parades, barbeques, and fireworks for the Americans today, but traders see no cause for celebration after the data released last Friday suggested a slower than expected economic recovery. EURUSD ended the week at 1.2543 and added 104 pips to the 182-pip rise last Thursday, while USDJPY closed at 87.66 after an intraday low of 76.33. More…

Euro zone

EURUSD traded higher on Friday as it appears to have found support at the 1.2500 handle. It reached a high 1.2612 before retracing some of the gains to closed the week with a 36-pip gain at 1.2550. More…

United Kingdom

Rarr! Like a lion pouncing on a sickly gazelle, the Sterling seized control over its American counterpart last Friday. The pair reached a two-month high of 1.5230, but ended the week at 1.5197, just above its daily opening price of 1.5182. More…

Japan

DJ Yen was mixing up the charts last Friday! It chalked up varied results, with wins against the comdolls and losses against the euro and the Sterling. Versus the USD, the Yen was practically held to a draw as USDJPY ranged and rose 21 pips in the day to finish the week at 87.79. More…

Canada

Whew! After taking a beating across the charts last week, the Loonie was able to end the week relatively unchanged against the dollar. USDCAD closed only 32 pips higher at 1.0649 from its 1.0617 open price after an intraday low of 1.0557. More…

Australia

After reaching an intraday high of 0.8511, AUDUSD traded lower to close last Friday with a 35 pip loss at .8427. More…

New Zealand

It looks like the Kiwi and its comdoll brothers weren’t invited to the winners’ party last Friday! NZDUSD took a spill from the intraday high of .6972 to close seven pips below its opening price at .6895. More…

Switzerland

Make way for the psychics! The SNB’s relaxed stance on their currency boosted the franc early last week, but the poor economic reports from the US stole the spotlight from the euro debt crisis and increased the demand for the euro, the franc’s major counterpart. EURCHF closed the week at 1.3365 after dipping to as low as 1.3073 last Thursday. Looks like they didn’t need to intervene after all! More…