Daily Economic Round Up – July 22, 2009

United States

Props to Big Ben! Fed Chairman Ben Bernanke’s speech boosted the USD as he assured that the central bank is prepared with an exit strategy for its quantitative easing and that they are ready to implement it when the right time comes. More…

Euro zone

With no economic reports released, euro pairs pretty much stayed in cruise control for the better part of the Asian and European sessions. However, once the US session rolled around, it appeared that risk aversion was back in the gas tank on increased fears that the CIT group would file for bankruptcy. By the end of the day, the EURUSD and EURJPY pairs were down to 1.4199 and 133.03 respectively. More…

Japan

Volatility took the pair everywhere yesterday but one-directional it was not! It started out the European session at a weak note and lost some ground versus the EUR and USD. This did not last long though as JPY bulls just bought up the currency during the US afternoon trading session. More…

United Kingdom

The GBP edged slightly lower versus the USD yesterday as risk hungry traders took a break from buying up the currency. It seems that poor results on economic data slightly weighed on the GBP as well. More…

Canada

The CAD ended the day mixed against the USD as it hit a roadblock during the second half of the US trading session. The CAD was pretty much idle during the Asian and the Euro sessions. Volatility only started to kick in when the opening bell in New York was rung. More…

Australia

The AUD finally took a backseat against the USD and the JPY after climbing for several days. Was this a start of a reversal or was it just taking a pause? Will risk tolerance continue to fuel the AUD’s fire? More…

New Zealand

Slow down Kiwi, slow down! After making a strong push the day before, the NZD gave back some of its gains as news from the US helped put a pause on the recent increase in risk tolerance. The NZDUSD pair closed lower, at 0.6537. More…

Switzerland

The USD/CHF sank to a low of 1.0626 as US Fed Chairman Ben Bernanke’s speech pumped up risk appetite yesterday. The pair was quick to rebound after the dip, thus resuming its usual range-bound movement. More…

Pipnoculars: What’s up on the Economic Horizon

USD: Itching for a Breakout
GBP: UK Public Debt Continues to Worsen
CAD: Canada’s Retail Sales to Rise?