Daily Economic Roundup – July 7, 2010

What’s on the Economic Horizon
Canadian Ivey PMI on Tap
German Factory Orders up by 0.5%
Japanese Core Machinery Orders Down by 3%

United States

The dollar’s scorecard was as mixed as a pack of M&M’s yesterday. It lost against the euro and yen but gained against the Aussie, Pound and Loonie. More…

Euro Zone

Well, well, well… It looks like the euro is showing signs of separating from risk sentiment, judging by its movements in yesterday’s trading sessions. EURUSD gained 79 pips to close at 1.2621 after the US released disappointing ISM non-manufacturing PMI data. More…

United Kingdom

“Everything is… Kung Fu.” Like the famous snake move in the latest Karate Kid movie, the pound mirrored the price action of the higher-yielding currencies after the lack of UK reports exposed the currency to risk appetite. GBPUSD reached an intraday high of 1.5228 before ending the day at 1.5167. More…

Japan

The yen failed to sustain its gains after a rally in risk appetite reduced the demand for the low-yielding currency and wiped out its gains in the early sessions. USDJPY managed to close at 87.44 after its intraday low of 87.35, but EURJPY ended the day 54 pips higher than its open price at 110.49. More…

Canada

The Loonie drove the dollar into the bear lair yesterday. USDCAD peaked at 1.0678 before it fell like a rock to the day’s low at 1.0485. It ended Tuesday at 1.0557, giving the Loonie a 97-pip gain. More…

Australia

Australia brought out the big guns yesterday! The RBA’s encouraging comments coupled with a positive trade balance report pumped up AUDUSD from a low of .8317 to a high of.8561. The Aussie’s finally flexing its muscles! More…

New Zealand

Fly, Kiwi, fly! New Zealand’s symbolic bird might be flightless, but their currency certainly soared to the chart highs yesterday after a rally in risk appetite boosted the high yielding currencies. NZDUSD rocketed to a .6948 close after ascending from its .6826 intraday low. More…

Switzerland

USDCHF still traded in the Swiss turf yesterday as it closed at 1.0595. However, I couldn’t say the same for EURCHF. The pair traded above the 1.3350 yesterday after reports indicated that the big bad D-word (deflation) could be back in Switzerland. More…