Daily Economic Roundup – October 22, 2010

What’s on the Economic Horizon
G20 Summit This Weekend
German Ifo Business Climate to Print Lower?
Canada’s Inflation and Retail Sales Data Due

United States

The dollar was the hot tottie of the FX hood yesterday as it managed to end the day higher against its major counterparts despite mixed economic reports and dovish comments. It hustled some muscle against the euro, taking EUR/USD down from an intraday high of 1.4051 and end the day with a 26 pip gain at 1.3924. More…

Euro Zone

Action on EUR/USD seemed like a virtual tug of war yesterday as both bears and bulls tried to claim the pair. After opening at 1.3950, price dipped down to 1.3872 in favor of the bears. After that, the bulls took charge and pushed it up to 1.4051. But in the end, the bears had the last laugh as EUR/USD fell back down and closed at 1.3924. More…

United Kingdom

Joining the other majors, the pound took the backseat to the USD as weak consumer spending took its toll on the British currency. And against the euro, it performed just as badly. GBP/USD slid 144 pips and finished at 1.5698 while EUR/GBP rose 63 pips to forge a new 6-month high at .8869. More…

Japan

It looks like the BOJ and yen bears may just have their prayers answered! The yen slid against the USD as U.S. Treasury Secretary Timothy Geithner gave USD/JPY a boost after speaking up about the USD/JPY. The pair recorded a modest 15-pip climb and finished at 81.34, but not before it spiked up to tap 81.83. More…

Canada

“We’re going down, down, in an earlier round. And com-dolls we’re going down swingin’,” sang the Loonie as it joined its homies in the bear lair. It was able to drive USD/CAD to an intraday low of 1.0168 before it lost its ground to the dollar and ended the day with a 43-pip loss. Drats! More…

Australia

The Aussie shook its tush with the bears yesterday. After AUD/USD tangoed to an intraday high of .9892, it slipped and slid down to the day’s close at .9782 with the Aussie sustaining an 82-pip loss. More…

New Zealand

Traders can’t seem to make up their minds when it comes to the Kiwi! One day it’s up, the next day it’s down. Economic data from New Zealand seems just as confused as we received mixed reviews of the economy. On the charts, NZD/USD took investors on another southbound ride yesterday as it fell 79 pips and closed at .7465. More…

Switzerland

The Swissy didn’t get any sweet lovin’ from the bulls yesterday. It lost against the dollar by 49 pips when USD/CHF closed higher at .9677 and the euro by 45 pips as EUR/CHF ended the day at 1.3476. More…