Daily Economic Roundup – May 25, 2010

What’s on the Economic Horizon

Secondary Estimate on UK’s 1Q GDP Today
Consumer confidence still on the rise?
Euro Zone Industrial New Orders Up by 2.2% in March

United States

Despite European traders still on holiday, risk aversion still weighed heavily in the markets, allowing the dollar to manage some decent gains versus the EUR and GBP. The EURUSD broke through key support and closed almost 200 pips lower, effectively ending the euro’s three day winning streak. More…

Euro zone

Even though most European traders were off on a holiday, it was just another manic Monday for the EURUSD as it chalked up over 150 pips in losses. The EURJPY was also off to a bad start and crashed to a low of 111.23 during the US session. More…

United Kingdom

It looks like the Cable is really holding on to its range! After spiking briefly above the 1.4500 handle during the European trading session, the bears saw quickly jumped in and took the Cable lower. It ended the US session at 1.4433, 35 pips lower from its opening price this week. More…

Japan

Due to the slight case of risk aversion, the yen was once again of the better performing currencies yesterday. The currency clocked in some gains against most of the majors, which included the Aussie, the pound, the euro and yes, even the dollar. More…

Canada

Since most European and Canadian traders were out on holiday, the Loonie found itself trading in a choppy manner all throughout yesterday. The USDCAD ended the US trading session at 1.0602, just ten pips higher from its week open price. More…

Australia

Ho hum… It was a relatively quiet day for the Aussie, which paced back and forth against the greenback and the yen. The AUDUSD closed above the 0.8300 handle while the AUDJPY was stuck between 75.50 and 74.25 during the London and US sessions. More…

New Zealand

Monday wasn’t such a hectic day for the NZDUSD as it cruised idly above the 0.6700 handle. With most traders off on a holiday and with not much economic catalysts on deck, the Kiwi was able to hold on to its recent gains. More…

Switzerland

The USDCHF edged slightly higher thanks to some renewed dollar strength, but it wasn’t enough to completely bust out of its range. With the pair now trading a hair above the 1.1600 handle, what could be in store for us today? More…