Daily Economic Roundup – May 17, 2010

What’s on the Economic Horizon
Empire State Manufacturing Index to Dip in May
New Zealand Producer Price Index Due
Japan’s Tertiary Industry Activity Down 1.3% in March?

United States

Thanks to risk aversion and strong US economic data, the greenback was able to strengthen against most major currencies last week. Are we in for another week of dollar domination? More…

Euro Zone

I’d start of by saying that EURUSD tumbled to yearly lows yet again last Friday, but this ain’t groundbreaking news anymore! For those of you counting at home, that marks the 15th time this year that the EURUSD has closed lower to end the week, as it dropped over 500 pips last week alone! More…

United Kingdom

After two straight days of massive losses, the GBPUSD was able to hold its head above water last Friday. The pair held on for dear life and ended the week just a couple of pips above the 1.4500 psychological support level. More…

Japan

The yen turned out to be one of the winners last Friday, posting some significant gains against its western counterparts. The EURJPY, for one, ended the US trading session that day at 114.30, almost 200 pips from opening price during the Asian trading session. More…

Canada

Like all the other commodity-based currencies, the Loonie bowed down to the strength of the dollar last Friday. The USDCAD, which opened Asia at 1.0204 that day, surged up to close the US trading session at 1.0317. More…

Australia

Dollar strength across the board carried the AUDUSD lower, as risk appetite has been tempered as of late. The AUDUSD closed a terrible week with another loss, ending 100 pips lower at 0.8860. More…

New Zealand

Once again, the Kiwi dropped as dollar bulls took over the markets last Friday. Still, looking at today’s chart art, it looks as if the pair is merely staying within a rising channel. Will support continue to hold this week? More…

Switzerland

Tough luck! After desperately trying to stay resilient, the Swissy eventually gave way to greenback strength last Friday. The 1.1150 level soon broke as the USDCHF surged to a high of 1.1332. More…