Daily Economic Roundup – June 22, 2010

What’s on the Economic Horizon

US Existing Home Sales – More Bad News for Housing Market?
German Ifo to Decide the EUR’s Course Today
Swiss Trade Balance Figures On Deck

United States

Mixed trading for the dollar yesterday, as it gained versus its European counterparts but fell against the Aussie and Kiwi. After gapping up to start the week, the EURUSD closed over 100 pips lower, to close at 1.2318. Does this mean that the recent trendline is broken? More…

Euro zone

After kicking off the week strongly with a 50 pip gap higher, the EURUSD found itself being beaten furiously to a pulp by risk aversion to end the day 150 pips lower. More…

United Kingdom

The cable was off to a strong start as it zoomed from an opening price of 1.4840 to a high of 1.4937. However, the price action moved downhill from there as traders turned their attention to the upcoming annual budget release from the UK. More…

Japan

The yen lost ground against most of its counterparts after the freshly released all industries activity index fell short of expectations. Because of that, the USDJPY was able to rally by more than a hundred pips from its opening price of 90.45. More…

Canada

Loonie bulls got a strong headstart this week as the USDCAD gapped lower and opened at 1.0208. It continued in the southbound direction but hit a roadblock at the 1.0140 level, from which it reversed course and headed towards the 1.0250 area. More…

Australia

What a rollercoaster ride it has been for the AUDUSD yesterday! After unexpectedly opening up the week with a huge 100-pip gap, the AUDUSD still had some juice left to rally further and post a new monthly high at .8860. Unfortunately, .8860 also proved to be that day’s top, as the pair quickly reversed all of its gains to end the US trading session at .8769. More…

New Zealand

Due to the absence of an economic catalyst, the Kiwi was unable to hold on to its gains after setting a new high for June yesterday. The NZDUSD closed the US trading session at .7084, which was 70 pips lower from its high that day. More…

Switzerland

With its European buddies taking a hit, the franc, as usual, followed their lead. Dollar bulls helped fill the gap on the USDCHF, allowing it to close higher for the day. After opening at 1.1060, the pair finished at 1.1129. More…