Daily Economic Roundup – November 18, 2010

What’s on the Economic Horizon

U.S. Initial Jobless Claims and Philly Index on Deck
U.K. Retail Sales Predicted to Have Increased in September

United States

How kind of you to give back some of your recent gains, Mr. Greenback! After days of seeming invincible, it finally showed a chink in its armor as disappointing U.S. data caused it to stop its rally. At the end of the day, EUR/USD finished at 1.3514 after slowly crawling 25 pips higher. More…

Euro zone

That’s the ticket! The euro got a bit of relief from this week’s selling frenzy when it inched higher against its major counterparts yesterday despite the lack of economic reports from the region. EUR/USD climbed by 25 pips at 1.3514, while EUR/JPY rose by 24 pips at 112.61. More…

United Kingdom

If you’re a range trader, then you probably just loved how Cable bounced around a tight range yesterday! Thanks to mixed results on economic data from U.K., Cable was stuck trading between its resistance at 1.5950 and support at 1.5850. Judging from how Cable has been falling lately, I’ll consider this as a small victory for the pound bulls. Hah! More…

Japan

Consolidation, consolidation, consolidation! The absence of high-profile economic reports kept the yen stuck within a tight range against other major currencies in yesterday’s trading session. USD/JPY, for one, ended the U.S. session day at 83.32, 2 measly pips higher from its opening price during the Asian session. More…

Canada

I guess the comdoll connection didn’t work this time! The Loonie got left behind the other comdolls yesterday when it lost against the dollar despite the absence of economic reports in Canada. USD/CAD ended the day 22 pips higher at 1.0243 after dropping to an intraday low of 1.0181. More…

Australia

Choppy is the best way to describe price action for the Aussie yesterday! Though it was practically unchanged versus the Greenback, you could say it was a “g’day” to be an Aussie bull. AUD/USD modestly recorded its first rise in five days, closing at .9780 after opening at .9769. Likewise, AUD/JPY climbed 11 pips to finish at 81.49. More…

New Zealand

How about a round of applause for the little guy? Okay, maybe the Kiwi wasn’t exactly the markets’ version of Metroman from the movie Megamind, but it certainly achieved quite a feat yesterday! NZD/USD closed 12 pips higher at .7688 yesterday after reaching an intraday low of .7632, ending the 4-day streak of dropping in the charts. Can the Kiwi get a fist bump, at least? More…

Switzerland

The fat lady hasn’t sung yet, so it ain’t over for the Swissy! After eight consecutive days of getting beat down by the Greenback, it finally manned up and put up a fight. USD/CHF came within 30 pips of reaching parity, but eventually dipped down to record a 33-pip slide for the day at .9928. More…

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