Daily Economic Roundup – July 24, 2009

United States

Risk hungry investors totally blew the USD out of the water yesterday! Well, in the Euro/US session overlap at least. It managed to retrace some of its losses as the US afternoon session went by. More…

Eurozone

The EUR continued to feed off the market participants’ risk tolerance in the capitals markets as it cruised against the JPY. It was, however, mixed against the other major league players. More…

Japan

The USD/JPY staged quite a strong rally yesterday while JPY crosses moved higher. The USD/JPY found itself back above the 95.00 mark as the JPY underwent a massive selloff. More…

United Kingdom

Close call! The GBP/USD was buffered against a large slide as the UK released a strong retail sales report. Other major currencies (with the exception of the GBP and CAD) bowed down to the USD yesterday as risk aversion made its way back in the market. More…

Canada

And that Loonie continues to rise! The USDCAD pair broke through key technical support at 1.0900 and is approaching the yearly low at just below 1.0800. The loonie was buoyed by statements made by the BOC yesterday, who said that the recession was ending for Canada. More…

Australia

For the third straight day, trading of the AUDUSD pair was like 5pm rush hour traffic – tight! The pair did try to test the .8200 mark again but ultimately closed lower at .8156. More…

New Zealand

‘Gatorade-d’ by risk appetite, the NZD continued its rise over the JPY in yesterday’s trading. The NZD/JPY pair has been on an uptrend since July 13. Being on an uptrend provided two profit opportunities for traders – from capital gains and interest rate differentials. Note that the NZD’s interest rate is pegged at 2.5% while the JPY only has 0.1%. More…

Switzerland

The CHF’s overwhleming strenght weighed down on the currency yesterday once again. THis took the CHF lower to 1.0727 versus the USD from its open at 1.0661. Are traders getting scared that the Swiss National Bank would finally make real its threats on currency intervention? More…

Pipnoculars: What’s on the Economic Horizon

US: Existing Home Sales Prop Up Demand for Riskier Assets

EUR: Eurozone Fundies to lift EUR

UK: Upside Potential on Q2 GDP