Daily Economic Roundup – November 23, 2010

What’s on the Economic Horizon
US Prelim GDP, Existing Home Sales, FOMC Minutes Due
Euro Zone PMIs to Post Improvements?
Canadian CPI and Retail Sales On Tap

United States

Dollar domination! The Greenback came out on top yesterday as risk aversion popped its head back in the markets. Even though most majors gapped higher against the Greenback over the weekend, they were forced to close those gaps and give in to dollar strength. More…

Euro Zone

Risk aversion was on like Donkey Kong! Only the consumer confidence report was released yesterday, but the euro fell hard against its major counterparts when markets reacted to Ireland’s bailout over the weekend. EUR/USD tumbled by 120 pips at 1.3624 after opening at 1.3744, 58 pips higher than Friday’s close. Meanwhile, EUR/JPY plummeted by 122 pips at 113.45. More…

United Kingdom

As the spotlight remained on Ireland and its debt problems, a dark shadow was cast over “riskier” currencies such as the pound. Risk aversion brought Cable down from its opening price of 1.6004 to close about 40 pips below the 1.6000 handle. On the other hand, GBP/JPY finished 60 pips lower for the day at 132.92. More…

Japan

Numero uno, baby! The yen was on top of the world yesterday as risk aversion wiped out all its counterparts. USD/JPY, together with the other major yen crosses, took a spill and fell from 16 pips from its opening price of 83.27. More…

Canada

Blame it on the comdoll connection! Despite the lack of reports from Canada yesterday, the Loonie weakened against its major counterparts on risk aversion in the markets. USD/CAD rose by 12 pips after hitting an intraday high of 1.0218, while CAD/JPY fell 25 pips from its open price at 81.82. More…

Australia

Surprise, surprise! Unlike its comdoll brothers, the Aussie held its ground against the USD amidst the bout of risk aversion that swept the markets. AUD/USD was practically unchanged at the end of the day, finishing just 4 pips higher at .9889. More…

New Zealand

Look down beloooooow!!! Kiwi dropped sharply against the greenback after risk aversion and New Zealand’s disappointing economic reports took its toll on the New Zealand dollar. NZD/USD closed 61 pips lower at .7742 after plunging to an intraday low of .7695. More…

Switzerland

Go, Super Swissy! The Swiss franc put up a good fight against the Greenback yesterday, even though risk aversion was the theme for the day. After climbing to an intraday high of .9942, USD/CHF slid down to close at the .9900 handle. More…

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