Daily Economic Roundup – September 1, 2010

What’s on the Economic Horizon

ADP Employment Change Seen at +20,000
German Retail Sales on Deck
UK Manufacturing PMI to Have Dipped Slightly in August

United States

Yeouch! The dollar got a small boo-boo when it slipped against most of its major counterparts yesterday. EURUSD fell to a 1.2672 close after reaching an intraday high of 1.2744. Meanwhile, USDJPY capped the day with a 55-pip dip at 84.05. More…

Euro zone

The euro’s scorecard in yesterday’s trading was as mixed as the reviews for Grown-Ups. It was able to snatch a 7 pip win from the dollar as EURUSD retreated from its intraday high of 1.2744 and ended the day at 1.2672. Against the yen and the Swissy it got rotten Piptato grades losing 62 pips and 131 pips to its respective counterpart. Boo! More…

United Kingdom

No thanks bad data from UK and the slight case of risk aversion, the pound bulls had their butts handed to them. Cable fell to its lowest level since July at 1.5328 while Guppy hit a new 3-month low at 128.70. More…

Japan

Oh, how traders love the yen! No matter how far the currency retraces, traders and investors always seem to find some reason to buy it back up. We saw this yesterday, when the yen found itself rallying furiously across the charts, particularly against the pound. More…

Canada

“They got nothin’ on you, Loonie…,” sang the traders yesterday as they dumped it in exchange for the dollar. After kick-starting the day at 1.0605, USDCAD dipped to its intraday low of 1.0575. Little did the Loonie know that that was going to be the highlight of its day. Tsk, tsk. The pair then hustled to its 8-week high at 1.0673 before ending the day with a 9-pip loss. More…

Australia

Ugh, not again! The Aussie took another hit from the Greenback yesterday despite printing better-than-expected building approvals and retail sales reports. AUDUSD slid down by 25 pips from its open price at .8896 after peaking to an intraday high of .8957. More…

New Zealand

The Kiwi never got the chance to flap its wings on the charts yesterday. It was all downhill for NZDUSD from its opening price of 0.7075 up until it closed at 0.6973. Boo hoo! Against the yen, it fell to its three month low at 58.44 before ending the day with a 24-pip loss at 58.58. More…

Switzerland

“I’m on the.. top of the pip-world looking…down on price action and the only explanation I can find…is the haven that markets found ever since risk has been around…” The franc did a Carpenters number yesterday after market uncertainty pushed the safe-haven currencies to record highs. EURCHF closed near its intraday low at 1.2866, while USDCHF dropped by 109 pips to a 1.0153 closing price. More…