Daily Economic Roundup – May 24, 2010

What’s on the Economic Horizon

Home Resales in the US Expected to Rise to 5.62 Million
Japan’s All Industries Activity Index Due
NZ Quarterly Inflation Expectations Tomorrow

United States

Friday turned out to be a relatively slow trading day, as most major currency pairs generally traded within tight ranges. The dollar ended the week slightly lower against the European currencies and the comdolls but higher against the Japanese yen. More…

Euro Zone

Well wadya know? All of a sudden, the euro has now posted three consecutive gains versus the dollar, with the EURUSD finishing at 1.2573. The only question is, has the pair found a bottom? Or was this merely a case of profit taking? More…

United Kingdom

Even though the cable stayed range-bound last Friday, it managed to edge higher and close a few pips shy of the psychological 1.4500 handle. The guppy was also able to erase some of its recent losses as it landed back above 130.00. More…

Japan

The yen’s rally was cut short last Friday as it remained range-bound against its counterparts. What made the yen pairs pause from their sharp dives? More…

Canada

Whoops! The USDCAD encountered a roadblock around the 1.0730 area and was forced to reverse its course from there. As the Loonie tried to erase its recent losses against the greenback, the USDCAD moved back to a low of 1.0552. More…

Australia

After dropping five days in a row, the Australia rose back from the dead like Lord Blackwood! The AUDUSD closed 100 pips higher from its opening price to end at 0.8317. Hmmm, is this magic or merely a technical correction? More…

New Zealand

Similar to its com-doll brothers, the NZDUSD bounced back in Friday’s trading session after a series of losses to begin the week. The pair closed at 0.6783, after hitting as low as 0.6682 last week. Was the rebound merely a case of some profit taking that took place? More…

Switzerland

Did someone hit the snooze button on the Swissy? It looks the risk of the SNB intervening again is preventing currency traders from putting on position on the USDCHF. The pair ended Friday at risks of currency intervention 1.1491, barely changed from its opening price of 1.1507 that day. More…