Daily Economic Roundup – September 24, 2010

What’s on the Economic Horizon

US New Home Sales Seen at 292,000
German IFO Business Climate to Cool Down?
SNB Quarterly Bulletin Due Today

United States

“A little bit of this, a little bit of that…it’s all in the game of love…” The currency bulls and bears did a Michelle Branch number yesterday as the mixed news from the US inspired a dizzying game of love for the dollar. EURUSD plunged by 74 pips to its 1.3318 closing price, but USDJPY dipped to a 84.33 close after reaching an intraday high of 84.68. More…

Euro zone

No surprises here! After rising strongly the past couple of days, the euro finally slumped down. What goes up must come down, right? EURUSD hung high early in the day, ranging just below the 1.3400 psychological handle. But that was about as high as it got. It eventually gave in to the will of sellers as it fell from its opening price of 1.3392 to hit an intraday low of 1.3306. More…

United Kingdom

Not too shabby, pound ole boy! Despite disappointing mortgage approval numbers, the pound mustered enough energy to come out on top in its battle against the Greenback. Talk about playing with a handicap! GBPUSD traded sideways for most of the day and ended 10 pips higher at 1.5676. More…

Japan

Man, oh, man, this is gonna piss off the BOJ! Thanks to a run of aversion yesterday, USDJPY dropped for the third consecutive day to close at 84.33. My, oh, my! Will the BOJ intervene once again? More…

Canada

Oops, looks like the comdoll connection failed to boost the Loonie for the second day! Without any reports from Canada, the Loonie traded on slight risk aversion and on Canada’s economic data from earlier this week. USDCAD climbed by 42 pips and closed at 1.0340. More…

Australia

“One, two, three, BREATHE!” The Aussie took a breather yesterday, right after it had hit new two-year highs the day before. AUDUSD fell just over 50 pips from its opening price to close just below .9500. Meanwhile, AUDJPY also took a hit, as it fell from its opening price at 80.73 to finish at 80.10. More..

New Zealand

Stick a fork in it! The Kiwi’s done! It’s four-day reign over the Greenback finally came to an end after New Zealand’s GDP report caused investors to ditch the Kiwi. NZDUSD dove off its opening price of .7302 to hit a low of .7273. More…

Switzerland

It’s baaaack!!! No economic report was released from Switzerland yesterday, but risk aversion, the franc’s frienemy, reared its head back in the markets and pushed the franc higher against its major counterparts. USDCHF closed with a 10-pip dip after dropping to an intraday low of .9807. Meanwhile, negative reports from the euro zone plunged EURCHF by 87 pips to its 1.3125 close. More…