Daily Economic Roundup – November 10, 2010

What’s on the Economic Horizon
U.S. Trade Balance and Jobless Claims Data Due
BOE Inflation Report on Tap
ECB President Trichet Set to Testify Today

United States

The Greenback was off to a weak start yesterday as it lost ground to some of its major counterparts. But before the day came to a close, the Greenback stepped on the gas and pulled off to a strong finish. The U.S. didn’t release any top-tier reports yesterday, which means that the Greenback’s rally was mostly a result of risk aversion. More…

Euro Zone

…And the bleeding just won’t stop! For the third straight day, the charts were riddled with red candlesticks, marking the euro’s continued slide. It was pretty much downhill from the very get go for EUR/USD as it didn’t rise much higher than it’s opening price of 1.3917. Action for the euro bears picked up even more at the start of the New York session as they pushed the pair straight down to finish at 1.3778. More…

United Kingdom

Look down belooooow!!! The pound plunged against its major counterparts yesterday after bad economic reports from the U.K. and risk aversion reared its heads in the markets. GBP/USD slipped by 142 pips at 1.5988, while GBP/JPY reached an intraday low of 129.83 before leveling off to 130.84. More…

Japan

Not today, ol’ buddy! The currency bulls didn’t care much for the yen yesterday despite the bout of risk aversion in the markets. Hmm, was this because Japan released worse-than-expected reports? Even though EUR/JPY lost 26 pips, USD/JPY gained by 65 pips at 81.83, and GBP/JPY ended the day 40 pips higher at 130.93. More…

Canada

Southbound for the winter it is! The Loonie continued its move down yesterday as the Greenback strengthened against the comdolls once again. After retesting parity and dropping down to .9980, USD/CAD rose and managed to close 37 pips higher for the day at 1.0074. More…

Australia

At first, it seemed like the Aussie was in for another winning streak against the Greenback as AUD/USD kept its head above the 1.0080 support. However, as the U.S. session rolled along, the Aussie’s rally came to an end as it plummeted below the support level. More…

New Zealand

Where did all the pip-lovin’ go? The Kiwi was the biggest loser against the greenback among the comdolls yesterday on a gloomy economic report from New Zealand and a round of risk aversion in the markets. NZD/USD plummeted by a whopping 103 pips after tipping its intraday high at .7914. Yikes! More…

Switzerland

Three in a row! The Swissy has yet to post a win this week as it completed its third straight fall yesterday. Dollar strength, together with poor Swiss economic data, caused USD/CHF to rise from an intraday low of .9587 and close at .9683 during the New York session. More…