Daily Economic Roundup – December 7, 2010

What’s on the Economic Horizon

ECOFIN Meeting To Begin Today
RBA Cash Rate Seen at 4.75%
BOC Expected to Keep Rates Steady

United States

The dollar bulls and bears took a chill pill yesterday when only Fed Chairman Ben Bernanke took center stage in the U.S. EUR/USD dropped by 75 pips after hitting an intraday low of 1.3246, and USD/JPY only moved a pip higher at 82.67. Meanwhile, GBP/USD dropped to an intraday low of 1.5656 before leveling off to a 48-pip loss. More…

Euro zone

Ha! Just when it seemed everybody was starting to forget about the European sovereign debt crisis, news that EU member Hungary may need a bailout as well hit the airwaves to drive the euro lower! EUR/USD dropped 75 pips from its opening price, while EUR/JPY closed at 110.05, 62 pips lower for the day. More…

United Kingdom

The pound’s scorecard in yesterday’s trading was as mixed as the reviews for the season finale of The Walking Dead. It was able to bag 24 pips from the euro with EUR/GBP settled at .8466, but it gave up 48 pips to the dollar as GBP/USD ended the day at 1.5722. Drats! More…

Japan

After rallying to its intraday high of 83.00, USD/JPY dropped like it was hot to 82.57. Too bad for the yen, the bulls still had enough energy left to push the pair to 82.67, giving it a 1-pip loss. Bummer, huh? More…

Canada

Despite the mixed showing of some economic reports, the Loonie was able to hold its own against the dollar. Trading within a tight range of just 60 pips, USD/CAD finished just 13 pips from its opening price to end the day at 1.0050. More…

Australia

The Aussie danced to my brotha Nelly’s tune as it reversed the effects of positive economic reports in Australia like it was just a dream. AUD/USD capped the day 10 pips lower after reaching an intraday high of .9927. More…

New Zealand

It didn’t take long for the Kiwi to slip from its opening price of .7652 and scream, “look down belooow!” NZD/USD hit rock-bottom at .7587 before ending the day a tad bit higher at .7618. More…

Switzerland

Drats! The franc tumbled against its major counterparts yesterday despite the lack of economic reports from Switzerland. USD/CHF soared to its .9875 intraday high before ending the day 72 pips higher at .9820. More…