Daily Economic Roundup – October 20, 2010

What’s on the Economic Horizon

MPC Minutes to Shed Light on QE?
Fed Beige Book to be Published Today
German PPI Expected to Increase by 0.2%

United States

Shabam! And just like that, the dollar has come roaring back! After opening just below 1.4000, EUR/USD came crashing down before finally finishing at 1.3729. For those of you who only have 10 fingers, that’s a drop of more than 250 pips! More…

Euro zone

Geronimooo!!! The euro continued its plunge against its major counterparts yesterday after the not-so-stellar economic reports pumped out of the region. EUR/USD capped the day with a 263-pip loss at 1.3729, while EUR/JPY skidded to a 163-pip loss at 111.95. Yeouch! More…

United Kingdom

By the way it was slippin’ and slidin’, you would think the pound was on summer vacation! A disappointing report coupled with worried words from BOE Governor King took the pound down against the USD. Cable closed at 1.5700, a whopping 232 pips lower at the end of the day. More…

Japan

While it beefed up against every other major currency, even the mighty yen couldn’t hold off the Greenback’s advances yesterday. USD/JPY ended its four-day slide and soared to as high as 81.93, only to come back down to close at 81.54, up 36 pips for the day. More…

Canada

“Mayday, mayday, mayday…Position 178 pips north of yesterday’s open price… The Loonie is sinking.” The bulls were distressed over the Loonie’s dive in the pip charts yesterday as Canada was hit by a combo of dollar strength and Loonie weakness. USD/CAD soared to an intraday high of 1.0374 before leveling off to its 1.0319 closing price. More…

Australia

The Aussie was one of yesterday’s biggest losers. Unfortunately, it isn’t a contestant in the popular reality TV show! AUD/USD took a massive 257-pip dive and landed at .9682 at the end of the day. More…

New Zealand

Whooops! The Kiwi suffered a major slip against the dollar yesterday as it wiped out a few days’ worth of gains on dollar strength and comdoll weakness. NZD/USD fell by 151 pips at .7439 after hitting an intraday low of .7435. More…

Switzerland

Like other non-dollar majors, the Swiss franc got sliced up like a block of cheese in yesterday’s trading session. Okay that was a corny one, but it’s actually a pretty accurate description of what happened! Thanks to renewed interest in the dollar, USD/CHF climbed up the charts to close back the .9700 handle, giving it a 145 pip gain for the day. More…