Daily Economic Roundup – July 6, 2010

What’s on the Economic Horizon

ISM non-manufacturing PMI to Decline to .4 Points
Leading Indicators Point to Slowdown in Japanese Economy
Canadian Building Permits to have Fallen1.3% in May

United States

The Greenback was as laid back as the US bankers who were busy livin’ the life and partying their hearts out yesterday. Though not much movement was seen on the charts, the Greenback made modest gains as the US holiday kept liquidity low in the markets. EURUSD was held to a 50-pip range, closing just 16 pips below its opening price at 1.2541. More…

Euro zone

Zzz… While the Americans were enjoying their fireworks, euro traders were seeing none in their charts. EURUSD traded along a tight 54-pip range that closed at 1.2530 after opening at 1.2563. Meanwhile, EURJPY ended the day 26 pips lower than its open price at 109.95. More…

United Kingdom

GBPUSD opened the week just barely above the 1.5200 handle. It tried to hold on for a bit, but with very few bulls playing tug-o-Cable, it didn’t take long for the pair to tumble down to the day’s low at 1.5090. Good thing the Pound managed to regain some ground nearing 1.5150 before the New York session closed. More…

Japan

USDJPY traded within a 38-pip range yesterday. After opening the week at 87.73, the pair inched its way up to the day’s high at 88.01, only to slip to the day’s low at 87.63. More…

Canada

The fact that the entire US was on vacation yesterday didn’t stop the Loonie from getting pummeled by the USD. As a result, the USDCAD rose 42 pips, landing at 1.0672 at the end of the day. Like I told you countless times, you gotta learn to strike while the iron is hot, Loonie old boy! More…

Australia

It was good while it lasted, mates! After getting a boost from the economic reports released early in the day, the Aussie tumbled back down on rumors that the RBA won’t hike interest rates after all. AUDUSD slipped to .8383 from its intraday high of .8468, while AUDJPY peaked at 74.48 before closing at 73.56. More…

New Zealand

The Kiwi ain’t really off to a good start this week. After opening at .6885, NZDUSD tumbled to .6940 and crawled up to .6884 to end the New York session. More…

Switzerland

It seems like the CHF bulls are finally getting tired. USDCHF gained 7 pips from yesterday’s range play, marking the CHF’s second loss in a row after completing an 8-day winning streak. More…