Daily Economic Roundup – October 8, 2010

What’s on the Economic Horizon

U.S. Employment Report Tonight!
UK Producer Prices Seen at 0.3%
BOJ proposes 5.1 trillion JPY stimulus

United States

Whoa! Did you see how the dollar traded yesterday? The dollar turned out to be like one of those action movie heroes who gets beaten up first before finally gathering enough strength to end with a win! More…

Euro zone

After struttin’ its swagger for two days on the charts, the euro staggered during yesterday’s trading as it ended the day with a 24 pip loss against the dollar at 1.3912. EUR/JPY also closed lower at 114.64 after opening the day at 115.55. More…

United Kingdom

Try again, buddy! Despite the relatively better-than-expected data from the UK, the pound capped the day nearly unchanged against its major counterparts. GBP/USD soared to an intraday high of 1.6018 before leveling off to its 1.5862. Meanwhile, GBP/JPY hit an intraday high of 131.91 before closing 105 pips lower at 130.70. More…

Japan

“O Naoto, Naoto! Wherefore art though, Naoto?” Yesterday the yen groupies ignored the weaker-than-expected economic data from Japan and boosted the yen up the charts. USD/JPY plunged to an intraday low of 82.11 before closing 52 pips lower at 82.40. Meanwhile, EUR/JPY fell by 91 pips to 114.64. This makes traders wonder, “Where the heck is the BOJ to address the strong yen?” More…

Canada

The Loonie’s gains against the dollar disappeared like honeybees on a rainy day during the New York session. USD/CAD hit rock-bottom at 1.0078 during yesterday’s trading, before it soared to its intraday high at 1.0212. It then ended Thursday at 1.0186 with the Loonie nursing a 78-pip loss against the dollar. So, what’s the buzz? More…

Australia

Whew! That was a tough one! The currency bulls managed to push the Aussie higher against the greenback for the third day in a row yesterday even with the market’s profit-taking-like price action yesterday. AUD/USD ended the day 35 pips higher at .9806 after hitting an intraday high of .9917. More…

New Zealand

The Kiwi’s run for a third consecutive win against the dollar was cut short yesterday as NZD/USD closed 31 pips lower at 0.7491. It was sprinting for the 0.7600 handle, but it seems like resistance at the psychological level was too high of a hurdle. NZD/USD only reached as high as 0.7592 before it tumbled to a low of 0.7468. Ouch! Better luck next time, mate! More…

Switzerland

Poor Swissy. After rallying strongly and making new lows early during Asia, the Swissy was completely shattered and sold-off once the U.S. trading session went underway. USDCHF had dropped as low as .9556 before suddenly rallying back to the .9700 handle. More…