Daily Economic Roundup – November 24, 2010

What’s on the Economic Horizon

German IFO Expected to Remain at 107.6
BOE’s Sentance to Speak in Belfast
U.S. Durable Goods Orders seen at 0.1%

United States

The dollar got as much lovin’ as Kanye’s My Beautiful Dark Twisted Fantasy did on the charts! It gained against all of its major counterparts save for the yen to which it only lost 10 pips. EUR/USD ended the day 253 pips lower at 1.3371 while GBP/USD fell by 180 pips to its closing price of 1.5781. More…

Euro zone
And the day belonged to the worrywarts! Despite clocking in better than expected PMI reports yesterday, the euro lost ground against its major counterparts on risk aversion. EUR/USD slid 252 pips from its open price at 1.3372, while EUR/JPY dropped by 224 pips at 111.21. More…

United Kingdom

Currency bears attaaack! The pound continued to feel the weight of risk aversion yesterday when it dropped heavily against the yen and the greenback. Only the mortgage approvals report was released yesterday, but GBP/USD plunged to an intraday low of 1.5759 before it ended the day at 172 pips lower at 1.5782. Meanwhile, GBP/JPY gave up 167 pips at 131.25 after peaking at an intraday high of 133.40. More…

Japan

Thanks to risk aversion, traders found the yen the sexiest among the majors and made it the Ryan Reynolds of yesterday’s trading. In fact, it was so sexy that it even gained 10 pips at 83.17 against the dollar, which is also considered a safe haven currency. Holler! The yen bagged the most from the euro when EUR/JPY closed 224 pips lower at 111.20. More…

Canada

Just like other com-dolls, the Loonie took a hit in yesterday’s trading, as risk aversion was just too much to handle. USD/CAD rose from its opening price of 1.0176 to close at 1.0230. Meanwhile, after trading as low as 80.72, CAD/JPY retreated slightly to close at 81.28, leaving it with a 45 pips loss for the day. More…

Australia

Being a high-yielding currency, it wasn’t so shocking to see the Aussie get wiped out amid risk aversion. AUD/USD opened at what would be its intraday high at .9890 and surfed to its rock-bottom at .9709 before finishing the day at .9724. More…

New Zealand

Not again! The Kiwi lost to the greenback for the second day in a row yesterday on risk aversion in markets. NZD/USD dropped by a whopping 159 pips after reaching an intraday low of .7578. More…

Switzerland

Wham, bam, thank you Uncle Risk Aversion! Okay, that doesn’t rhyme, but hey, that was the name of the game yesterday! Due to some earth-shaking, market-moving events that took place yesterday, safe haven currencies like the franc flew up the charts. Just look at EUR/CHF, which dropped over 150 pips from its opening price to end the day at 1.3330. More…