Daily Economic Roundup – September 8, 2010

What’s on the Economic Horizon
BOC To Hike Rates by 0.25% Again
German Industrial Production Data Due Today
Fed Beige Book Set for Release
UK Manufacturing Production Expected to Stay at 0.3%

United States

Up, up, and away! With risk aversion providing plenty of support, the USD sprung back to life yesterday. It bounced just like Happy Pip does when she’s on a sugar rush! The USD gained a total of 182 pips against the euro, while chalking up a 31-pip gain versus the pound for the day. More…

Euro Zone

Ouch, that’s gotta hurt! EURUSD plummeted by almost 200 pips yesterday when the reports revealed that there was something fishy going on with European banks. And it doesn’t help that the banks in question are from those countries with debt problems! More…

United Kingdom

Look out below! The pound slipped against most of its major counterparts yesterday on a fresh wave of risk aversion as a Wall Street Journal article questioned the credibility of the European banks and the EU stress tests. More…

Japan

Rawr! There’s no stopping the Pipzilla of the charts! The yen clobbered its major counterparts to record-lows yesterday as risk aversion sent the traders to the low-yielding currency. USDJPY ended the day at 83.76 after dipping to its 15-year lows at 83.51. Meanwhile, EURJPY dropped all the way to its intraday low at 106.30. More…

Canada

After lingering around 1.0350, USDCAD was pushed back towards the 1.0500 area as risk aversion prowled the markets yesterday. But with today’s set of economic reports from Canada, would the Loonie get back in stride? More…

Australia

The Aussie finally stopped singing DJ Khaled’s “All I Do Is Win” when it broke its four-day winning streak against the Greenback yesterday. Hey, you can’t win ’em all! AUDUSD fell from .9170 to close at .9112, while AUDJPY dropped from 77.23 to 76.31. More…

New Zealand

[Ki]weeeeee!!! The Kiwi was swept by the pip currents once again when the lack of data from New Zealand exposed the currency to risk sentiment. A fresh wave of risk aversion in markets pushed EURNZD 179 pips lower than its open price at 1.7624, and slipped NZDUSD to its 0.7200 closing price. More…

Switzerland

The Swissy was like a rock yesterday as it held strong and refused to budge against its two biggest rivals. USDCHF closed at 1.0100 at the end of the day to record a 26-pip plunge. On the other hand, EURCHF had a more drastic drop as it fell 218 pips from its opening price of 1.3037. More…