Daily Economic Roundup – November 11, 2010

What’s on the Economic Horizon

G20 Summit Begins Today
Australia unemployment rate rises to 5.4%
ECB Monthly Bulletin on Deck

United States

It looked like the dollar was going to continue its bullish run, but by the time the London session came to a close, it gave back all its gains! Com-dolls like the AUD, CAD, and NZD all finished higher against the Greenback, as did the pound. Meanwhile, EUR/USD finished the day at its opening price at 1.3779 after trading as low as 1.3671. More…

Euro zone

Action on EUR/USD was as intense as the Heat vs. Jazz game yesterday! After opening at 1.3778, the pair hustled to an intraday high of 1.3826 where it met some resistance and tumbled to a low of 1.3671. The euro was then able to gain enough momentum during the North American session to close Wednesday with a 1-pip gain at 1.3779. Whoa! More…

United Kingdom

Now that’s what I’m talking about! The pound sharply gained against its major counterparts yesterday after the Bank of England’s inflation report showed that the BOE members aren’t as excited for a quantitative easing as market geeks first estimated. GBP/USD soared to an intraday high of 1.6137 before leveling off at 1.6118. Meanwhile, EUR/GBP plummeted by 69 pips at .8549. More…

Japan

Oops – it did it again! The yen fell against the dollar for the second day in a row after the worse-than-expected household confidence report in Japan made it easier for the currency bulls to jump into the dollar ship. USD/JPY rose to an intraday high of 82.80 before closing 49 pips higher than its open price at 82.32. Meanwhile, EUR/JPY also surged 62 pips higher at 113.42. More…

Canada

As soon as it opened at 1.0074, it was all downhill for USD/CAD during yesterday’s trading. It hit a few spikes at the wake of disappointing trade figures but the pair was still able to park at parity at the end of the day. And sha-bam! With a 74-pip gain, the Loonie erased the losses it posted against the dollar from past couple of days and became the the ultimate hotshot among the com-dolls. Up top yo! More…

Australia

Whew! The Aussie got a break from its losses against the greenback early this week when Australia popped up a better-than-expected home loans report. AUD/USD dropped to an intraday low of .9975 before ending the day 24 pips higher at 1.0057. More…

New Zealand

Without any jawboning to knockout it out yesterday, the Kiwi was finally able to throw an uppercut on the dollar and end Wednesday 69 pips higher at .7845. Holler! More…

Switzerland

Make that four days in a row! Once again, USD/CHF finished higher for the day, but only after giving back some of its gains. After hitting a high at .9767, the pair slid lower to finish at .9712. More…