Daily Economic Roundup – June 7, 2010

What’s on the Economic Horizon

US Trade Balance, Retail Sales and UoM Consumer Sentiment Due This Week

Will UK BRC Retail Sales Continue To Fall?
BOC Governor Carney To Speak Tonight

United States

Thanks to a strong case of risk aversion, the dollar was able to stage a stellar rally against most major currencies last Friday. The US dollar index that tracks the performance of the dollar against a basket of other currencies rose to more than 100 points to 88.77, which marked its highest level this year. More…

Euro zone

“Gimme a break!” yelled the euro last week. And break it did! The euro breached another key support level and fell to a low of 1.1955 last Friday as the debt situation in the euro zone worsened. More…

United Kingdom

After channeling higher over the past week, the pound finally tripped and fell when risk aversion came rolling back into the markets. The GBPUSD hit a high of 1.4771 last week, but couldn’t sustain its gains and ended the week almost 300 pips lower at 1.4474. More…

Japan

The yen was at the forefront of the attack last Friday, leading the way in the currency wars. Thanks to a boost from some risk aversion weaponry, the yen gained against higher yielding currencies. More…

Canada

So much for celebrating local news! Despite the release of some encouraging data, the Loonie took a hit as traders decided, “I think I’ll play it safe and buy the dollar and yen.” The USDCAD rose almost 200 pips from its opening price to close above the 1.0600 handle. More…

Australia

Like Big Pippin pointed out in his chart art, the Aussie kept sliding lower against the Greenback last week. The weak US employment report sparked risk aversion and pushed the AUDUSD closer to the 0.8100 handle. More…

New Zealand

The Kiwi’s flight was cut short last Friday after weaker than expected US non-farm payrolls figures brought risk aversion back. With no economic figures to draw support from, the Kiwi fell to a low of 0.6684 against the Greenback. More…

Switzerland

In just one day, the Swissy managed to burst past through the 1.4000 handle against the euro. This came quite a bit of a surprise to traders because this was the level wherein the Swiss National Bank was said to have last intervened. SNB, where are you? More…