Daily Economic Roundup – November 17, 2010

What’s on the Economic Horizon

U.S. CPI Expected to Show a 0.3% Increase
BOE Meeting Minutes Due Today

United States

All hail the Greenback! Once again, it reigned supreme on the charts as the prevailing theme of risk aversion pushed investors towards the safe haven currency. It strengthened against ALL of its major counterparts, sending EUR/USD down 70 pips to 1.3489 and GBP/USD plummeting 159 pips to 1.5887. More…

Euro zone

EUR/USD hit its 7-week low at 1.3447 during the New York session after it reached an intraday high of 1.3656. At the end of the day, with the pair down by 80 pips at 1.3489, there was only one resounding tune in the forex market, “That’s what you get when risk aversion kicks in, euro-oh-oooh-oh!” More…

United Kingdom

Oh King! How could you! It looks like speculations that the BOE will do another round of quantitative easing is back on track as BOE Governor Mervyn King said yesterday that additional stimulus measures is definitely in the cards as U.K.’s inflation rate will probably slow “significantly” in the next two years. GBP/USD closed the day at 1.5887, 159 pips lower from its opening price. More…

Japan

Like Robert Downey Jr.’s latest movie “Due Date,” the yen received mixed reviews. While it was sold off against the Greenback, it was bought up against most of the other major currencies. USD/JPY closed 10 pips higher for the day at 83.30 while EUR/JPY dropped in the New York session to land 51 pips lower for the day at 112.37. More…

Canada

Boy was the Loonie’s performance yesterday loony! Just after USD/CAD dipped to an intraday low of 1.0070, it skyrocketed past two psychological handles and ended the day 129 pips higher at 1.0221. More…

Australia

And the Aussie is down for the count! Yesterday marked its fourth consecutive slide against the USD as risk aversion took its toll on the comdolls. From its opening price of .9838, AUD/USD fell to .9769, while AUD/JPY slipped 46 pips to finish at 81.38. More…

New Zealand

And for the fourth straight day, the Kiwi bulls found themselves holding onto the shorter end of the stick as risk aversion made its way back into the markets. NZD/USD closed the U.S. trading session at .7676, a 48 pip loss from its Asian session opening price. More…

Switzerland

Swissy still ain’t got swagger! It posted its eighth consecutive day of decline against the dollar yesterday when USD/CHF closed 103 pips higher at .9962. Heck! It even lost 59 pips against the euro amid talks of sovereign debt. More…

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