Daily Economic Roundup – September 16, 2010

What’s on the Economic Horizon
US PPI, Jobless Claims, CA Balance, TICS Flow, Philly Index on Deck
UK Retail Sales to Rise 0.3%

United States

After its huge losses last Tuesday, the dollar decided to just chill within the ranges yesterday. Save against the yen, the dollar mostly moved sideways across the board, with EURUSD ending the US trading session barely changed at 1.3013 from its Asian session opening price of 1.3008. GBPUSD followed suit and closed a mere 60 pips higher from its opening price. More…

Euro zone

“That’s not the coolest thing to do right now, but we’ll take it!” The European Commission might not be a fan of the Bank of Japan’s currency intervention yesterday, but they’re still thrilled on the move’s impact on the euro. EURJPY rose by 330 pips! Heavy selling of the yen boosted the pair to its 111.38 closing price. Meanwhile, EURUSD crawled 4 pips higher at 1.3012, but EURGBP dropped to a .8331 close. More…

United Kingdom

We saw another strong performance from the pound yesterday as it easily trounced the Greenback. In fact, it rose against most of its major counterparts yesterday. In spite of weak economic data, GBPUSD rallied to an intraday high of 1.5652 after opening at 1.5557. More…

Japan

Boy, oh boy, am I at a loss for words! You would be too if you saw USDJPY jump over 200 pips in a span of four hours! The pair uncharacteristically sprung to life after the BOJ finally intervened to stop the yen from further appreciation. At the end of the day, USDJPY recorded a solid 250-pip gain as it closed at 85.60. More…

Canada

Whew! Saved by the USDJPY bells! The Bank of Japan’s currency intervention also boosted the Loonie against both the dollar and the yen, and made it easy for traders to shrug off Canada’s bad economic data. CADJPY soared by 253 pips at 83.38, while USDCAD finished the day at 1.0265 after hitting an intraday high of 1.0321. More…

Australia

It ends at five! The Aussie finally ran out of gas and posted a loss against its American counterpart. AUDUSD traded sideways for most of the day, hanging in the area of two-year highs. But buyers couldn’t keep it from slipping as the pair closed 34 pips lower for the day at .9384. More…

New Zealand

D’oh! The Kiwi missed most of the pip action yesterday as New Zealand’s unfavorable economic data held back the Kiwi bulls. NZDJPY may have climbed by 144 pips at 62.62, but NZDUSD fell by 47 pips to a closing price of .7316. More…

Switzerland

After a strong performance last Tuesday, the Swissy found itself back above parity against the dollar. Will traders see this retracement another chance to “sell high” perhaps? More…