Daily Economic Roundup – September 2, 2010

What’s on the Economic Horizon

US Initial Jobless Claims to Climb by 2,000
ECB Widely Expected to Keep Rates at 1.00%
UK’s Nationwide HPI on Deck

United States

Will you look at that! The dollar finally decided to get with the program and responded like any other currency would to bad data. While it fared relatively well against the franc and yen, its performance against most of the other major currencies was simply disastrous. EURUSD found itself 131 pips higher at 1.2803 at the end of the day. More…

Euro zone

“We’re on Patron pipquila, we’re drunk with pip-margarita” sang the euro bulls in yesterday’s trading they rock ‘n’ rolled on the charts. The euro snatched 131 pips from the dollar as EURUSD closed at 1.2803. Boo yeah! Both EURCHF and EURJPY also closed higher at 1.2996 and 106.46, giving the euro 129 pips and 162 pips respectively. More…

United Kingdom

Because risk appetite made the market tik-tok yesterday, the pound was able to wake up today feeling like Pip Diddy. Hah! GBPUSD traded higher yesterday after it opened at what would be its intraday low at 1.5334. Awesome! Too bad it wasn’t able to go beyond the psychological handle as it just peaked at 1.5492 before ending the day at 1.5453. But a win is still a win, right? More…

Japan

After two consecutive days of wins, the yen decided to take it easy yesterday and give back some of its gains. It fell against most major currencies when optimistic economic data from China and Australia that printed early in the day inspired risk appetite among investors. EURJPY reached a high of 108.62 before settling at 108.16 by the end of the US trading session. More…

Canada

Well look who’s been sneaking around and stealing pips! Despite the lack of domestic economic data, the Loonie was one of yesterday’s big winners. USDCAD dove 134 pips down the charts and settled at 1.0521 at the end of the day. More…

Australia

Thanks to better-than-expected GDP figures, the Aussie was able to stage a beautiful rally across the charts yesterday. AUDUSD managed to climb all the way to the .9100 handle while AUDJPY tested 77.00. More…

New Zealand

The Kiwi staged a comeback on the charts yesterday more awesome than Britney Spears’ attempt to get back into mainstream Hollywood. NZDUSD skyrocketed to its intraday high of 0.7132 after opening the day at its intraday low of 0.6973. The bulls then settled the pair 17 pips lower at 0.7115 to end the day erasing the losses it made last Tuesday. Holla! More…

Switzerland

What do you get when you mix poor economic data with renewed risk appetite? A weak Swissy! While USDCHF unmoved from its opening price of 1.0154, EURCHF rose 129 pips to land at 1.2996 at the end of the New York session. More…