Daily Economic Roundup – May 12, 2010

What’s on the Economic Horizon
US Trade Deficit to Widen in March
UK’s Inflation Report on the Docket
Canada’s Trade Balance to Show a 1.6B Surplus

United States

It was an unusually quiet day in the currency market yesterday but the greenback managed to sneak in some gains against the euro. Still, risk aversion seems to be waiting in the wings as doubts over euro zone’s massive rescue plan started to emerge. More…

Euro Zone

Sniff… do you smell that? I think I smell something burning. It must be the euro, which got burned yet again in yesterdays trading session. Once again, the euro was dumped in favor of the USD, JPY and GBP. How low can it go?! More…

United Kingdom

As we all know, politics has been driving the pounds price action lately. Yesterday was no different, as the GBPUSD was able to find some buying support when news hit the airwaves that the talks between the Labor party and the Liberal Democrats to form a coalition broke down. More…

Japan

The lack of any hard-hitting economic report caused the yen to trade mixed against most major currencies yesterday. The currency ended the day hardly changed against the pound, but higher versus the euro and the dollar. More…

Canada

The lack of economic flows pretty kept the Loonie moving within a tight range yesterday. The USDCAD ended the US trading session at 1.0217, just a mere 25 pips lower from its Asian session opening price. More…

Australia

With risk aversion on traders minds, the Aussie lost all its gains from the day before. After opening at 0.9026, the AUDUSD dropped just over 60 pips and closed at 0.8961. More…

New Zealand

It looks like the Kiwi bulls took the day off, as the NZDUSD quietly edged lower and lower during yesterdays trading session. The pair closed about 55 pips lower on the day, to end at 0.7171. More…

Switzerland

For almost an entire day, the USDCHF was stranded in a tight 50-pip range as it paced back and forth between 1.1080 and 1.1130. But when Switzerland released a surprisingly strong economic report, the Swissy caught a few more gains against the greenback. More…