Daily Economic Roundup – February 2, 2011

What’s on the Economic Horizon
ADP Report to Print 148K Increase in Net Employment
U.K. Construction PMI Due Today
New Zealand Unemployment Rate Could Climb to 6.5%

United States

To say the dollar took a hit yesterday would be a tremendous understatement. It was downright pummeled by the other major currencies! Markets simply ignored the U.S.’s positive manufacturing PMI, forcing EUR/USD to rise 140 pips to 1.3831 and USD/JPY to dip 72 pips to 81.36. More…

Euro Zone

With positive data and risk appetite on its side, nothing could keep the euro from being a rocketeer in yesterday’s trading. EUR/USD rose from its opening price of 1.3691, zoomed past resistance at the 1.3800 psychological handle, and landed at 1.3831 to end the day. More…

United Kingdom

It looks like GBP/USD was able to seal its place above the 1.6000 mark as it climbed to a high of 1.6154 yesterday. GBP/JPY, on the other hand, was feeling a bit lazy as it stayed in consolidation around the 131.50 area. Let’s take a look at the economic data due from the U.K. to figure out where these pound pairs are headed. More…

Japan

The yen had its ups and downs yesterday as it chalked up different results in light of yesterday’s improvement in risk appetite. While it weakened against most of the higher-yielding currencies, it had its way with the dollar. EUR/JPY rose 16 pips to 112.53 while USD/JPY fell 72 pips to 81.36. More…

Canada

After opening at its intraday high at 1.0015, USD/CAD tumbled down to .9909 faster than you can say Punxsutawney Phil! More…

Australia

AUSSIE POWER! Although economic data was mixed and the RBA decided to hold rates steady yesterday, the Aussie was able to forge a new three-week high. AUD/USD blew right past parity, rising a total of 148 pips and ending at 1.0113. More…

New Zealand

Up, up, and away! The Kiwi soared higher yesterday after the RBA released a confident monetary policy statement. This boosted the comdolls spirits and allowed NZD/USD to reach the .7800 handle yesterday. More…

Switzerland

The Swissy’s scorecard in yesterday’s trading was as mixed as Cyclopip’s Groundhog Day breakfast burrito! It won against the dollar when USD/CHF closed 89 pips lower at .9353. On the other hand, EUR/CHF ended the day 9 pips higher at 1.2934. More…