Daily Economic Round Up – July 16, 2009

United States

The USD sold off like pancakes at a state fair yesterday, with strong economic data as risk appetite boosters. The rise in consumer prices, improvement in manufacturing, and the uptick in industrial production pushed the USD lower against most currencies, except the JPY. More…

Japan

The JPY took another beating yesterday as investors let go of the currency in favor of its riskier counterparts. The question is whether the sell-off would persist today, given the sharp depreciation of the JPY across the boards. More…

Euro zone

The euro zoomed to new highs yesterday, as the EURUSD and EURJPY pairs broke past key resistance areas as risk tolerance continued to dominate the market. US earnings data has helped spark risk appetite, which has helped the euro overcome poor underlying fundamental weakness. The EURUSD and EURJPY tested highs at 1.4120 and 133.40. Are buyers done? Or will the euro continue its hot streak? More…

United Kingdom

It looks like there’s no stopping the GBP from extending its gains versus the USD as the week carries on! The catalysts for the boost: better-than-expected earnings and positive economic data. It seems that whenever sentiment is down, investors find some reason be optimistic again about the world economy. More…

Australia

Zoom! The AUD took a one-way drive up north yesterday as it blew past the USD and the JPY, leaving dust on its trails. It paused a little during the mid-part of the Asia session. It then stepped on the gas to make time during the start of the Euro session up until the closing of the US trading hours. More…

Canada

The CAD bullied its way against most the other big boys in the park in yesterday’s trading. The only ‘kid’ that held its ground was the NZD. More…

New Zealand

Great day yesterday for bullish NZD traders, as the NZD skyrocketed against the USD as risk appetite continued to push commodity currencies higher. The NZD/USD pair closed 150 pips higher, finishing the trading day at .6502. More…

Switzerland

Despite Switzerland’s weak retail sales report, the USD/CHF found itself sinking towards currency intervention levels. With strong economic reports expected from the US today, could USD/CHF sink further? More importantly, will the SNB intervene in the currency arena again? More…

Pipnoculars: What’s up on the Economic Horizon

USD: Heads Up for Earnings and Employment Reports
GBP Looking Heavy, but will Risk Drive it Higher?
What now BoJ?