Daily Economic Roundup – December 9, 2010

What’s on the Economic Horizon

Australian Unemployment Rate drops to 5.2%
Japanese GDP Rises by 1.1%
BOE Rate Decision Today

United States

Who did what?! With the lack of economic reports in the U.S. yesterday, the dollar’s price action was as mixed as a bag of nuts. The scrilla gained 11 pips against the euro and 52 pips against the yen, but lost 38 pips to the pound and 11 pips to the franc. What gives? More…

Euro zone

The euro took traders on another rollercoaster ride yesterday as it dipped and climbed throughout the day. Its movements were as mixed as its economic releases, but in the end, it finished slightly lower against the dollar. EUR/USD had dipped to a low of 1.3180 before it capped the day off 9 pips lower at 1.3263. More…

United Kingdom

The pound staked its claim as the heavyweight (Get it? Weight… Pound… Okay, nevermind…) champion in the forex arena yesterday. The pound survived a knockdown from the dollar before banking on some economic data to push 40 pips higher and finish at 1.5807. Ha! Pound bulls didn’t even need to drink their own urine (seriously Marquez?) to do this! More…

Japan

Drats! The positive consumer sentiment report from Japan wasn’t enough to put enough shine on the yen yesterday as the markets focused on the upsetting core machinery orders and current account reports. USD/JPY rose by 52 pips at 84.04, while EUR/JPY climbed by 57 pips to 110.43. More…

Canada

“Stop right there!” said the Loonie to USD/CAD. With help from positive housing starts data, the Loonie was able to end its two-day slide against the USD, squeaking out a 5-pip gain against its American counterpart. More…

Australia

The currency from the Land Down Under turned out to be a sinker yesterday when the Aussie lost ground against the Greenback despite the better-than-expected reports from Australia. AUD/USD capped the day with a 45-pip loss after dropping to an intraday low of .9753. More…

New Zealand

Make that three for three! Once again, the Kiwi dropped for the third consecutive day, as it suffered thanks to some dovish comments by Mr. Alan Bollard, as well as weak commodity trading. After opening at .7577, NZD/USD dropped more than 100 pips to close at .7461. More…

Switzerland

Swissy traders were treated to a real snoozer yesterday as the currency stayed within a tight 50-pip range against the dollar. With no heavy economic releases, USD/CHF ended the day as if nothing happened and finished practically unchanged at .9866. More…