Daily Economic Roundup – July 13, 2010

What’s on the Economic Horizon

US Trade Deficit Shrank $1 billion?
Swiss monthly PPI on deck
Greek Bond Auction Today

United States

The dollar kicked off the week on a slightly positive note as the strong stock reports boosted the demand for the dollar. EURUSD closed at 1.2596 after its intraday low of 1.2551, but risk aversion in the euro zone enabled the yen to gain on the dollar at 88.62 after an intraday high of 89.16. More…

Euro zone

Could it be that the euro bulls are tired of running the EURUSD race? Yesterday, the pair opened at 1.2641 and crawled to the day’s high at 1.2648. During the overlap of the Sydney and Tokyo sessions, the bears came pouncing in and pushed the pair below the 1.2600 handle. The bulls tried to regain composure, testing the psychological level a few times but they didn’t seem to have enough power left and just settled the pair at 1.2597. More…

United Kingdom

Traders were quick to abandon the pound yesterday, after S&P maintained its negative outlook for the UK’s long-term credit rating. As a result, GBPUSD slipped 132 pips from its opening price to an intraday low of 1.4949, and finished the day off at 1.5081. More…

Japan

Japan isn’t only the Land of the Rising Sun… But the Land of the Rising Yen, too! The Yen outclassed its American counterpart during yesterday’s trading sessions as USDJPY dropped from an intraday high of 89.16 to close at 88.61. More…

Canada

Is the Loonie’s flight descending, or just pausing for a breather? Despite positive economic reports, the Canadian dollar trimmed its gains against its major counterparts yesterday. USDCAD rose 47 pips from its open price of 1.0372, while EURCAD closed at 1.3064 after an intraday low of 1.2965. More…

Australia

AUDUSD traded lower yesterday after touching the day’s high at 0.8781. The pair rock bottomed just barely above the 0.8700 handle before it closed the day at 0.8753. Too bad the Aussie doesn’t have the gripping skills of those cuddly Koalas! More…

New Zealand

The Kiwi was looking very lazy on the charts yesterday as NZDUSD crawled just 3 pips down to close at .7106 for the day. 3 pips?? At that rate, my grandma can run laps around the Kiwi! More…

Switzerland

The franc danced to the tune of Jay Sean’s “Baby are you down down down down down….” after the currency lost against the majors yesterday. EURCHF closed at 1.3358 after soaring to an intraday high of 1.3413, while the USDCHF reached an intraday high of 1.0677 before ending the day at 1.0604. More…