Daily Economic Roundup – October 12, 2010

What’s on the Economic Horizon

FOMC Meeting Minutes on Deck
UK CPI Seen at 3.1%
Japan’s Core Machinery Orders to Decline by 3.7%

United States

It ain’t over ’til the fat lady sings! After days of losing against its major counterparts, the Greenback finally showed signs of life. Market players were eager to buy it up even though the U.S. was on holiday celebrating Columbus Day yesterday. Greenback bulls rallied to bring EUR/USD down to 1.3873 to seal a 113-pip slide for the day. More…

Euro zone

Despite better-than-expected results on economic data from euro zone, EUR/USD was unable to find support to continue its rally. After opening the week higher at 1.3986, the pair just kept dropping throughout the day and eventually close 113 pips lower at 1.3873. More…

United Kingdom

“We’ve got opinions man, we’re all entitled to ’em… swear you know best…” The Bank of England’s Governor Mervyn King might not be Sara Bareilles’ king of anything, but the markets sure listen to him! His bearish comments on his speeches yesterday sank the pound against its major counterparts. GBP/USD fell by 70 pips to its 1.5873 closing price, while GBP/JPY gave up 36 pips and closed at 130.34. More…

Japan

“And I just can’t bring myself away…I just can’t stop, I just can’t stop” The yen pairs did a Ne-yo number in the markets yesterday as they just couldn’t stop surpassing their pre-currency intervention levels in the pip charts. More…

Canada

What a boring day it was for the Loonie yesterday! With most traders out on holiday, USD/CAD found no reason to move. The pair only managed to crawl up to 1.0138, just 40 pips higher from its week open price. More…

Australia

Score one for the bears! After four consecutive days of rallying, AUD/USD finally stepped down and recorded a decline. Thanks to weak housing finance data, the pair ended at .9841, down from its opening price of .9888. More…

New Zealand

Drats! Like the other comdolls, the Kiwi gave up some of its gains against the greenback yesterday despite the lack of reports in the markets. NZD/USD slipped by 59 pips to its intraday low of .7507 before capping the day at .7518. More…

Switzerland

Have the Swissy bulls finally run out of steam? Even the Swissy couldn’t hold back the USD yesterday. From the week’s opening price of .9615, USD/CHF took a slow and steady trip north to hit a high of .9664. More…