Daily Economic Roundup – January 3, 2011

What’s on the Economic Horizon

U.S. ISM Manufacturing PMI to Have Risen to 57.1 in December

PMI Reports from France and Germany on Deck

United States

It was a cold, cold New Year’s Eve for the dollar this weekend as it found itself on the back foot against most major currencies. EUR/USD, for one, managed to climb all the way above 1.3400 again after testing 1.3100 for two whole weeks. Meanwhile, GBP/USD, traded as high as 1.5658 during the holidays before settling just a couple of pips below 1.5600. More…

Euro zone

EUR/USD opened the last trading day of 2010 at 1.3286 and skyrocketed past two psychological handles, tapping its 2-week high at 1.3425. Sha-bam! It then dipped a little to end the year at 1.3372 with the euro scoring an 86-pip gain. More…

United Kingdom

Boom baaaaby! Just like fireworks, the pound lit up the charts as it welcomed the New Year by exploding upwards. It was one of the biggest gainers last Friday as a positive HPI helped boost GBP/USD from 1.5422 to 1.5595. More…

Japan

Talk about a strong finish! The yen tore right through its American counterpart in the last 2 weeks of 2010, pushing USD/JPY about 300 pips lower. Last week alone, it gained over 2% versus the dollar in spite of mixed economic data. Let’s see if it can start 2011 off just as strongly! More…

Canada

Traders kept the Loonie’s swagger looking good as USD/CAD ended the year below p-p-p-parity! After opening at 1.0000, the pair only managed to inch 8 pips up to its intraday high. It then tumbled to a low of .9926 before finally closing at .9977. More…

Australia

Despite the lack of economic data from Australia, Aussie bulls found a reason to be happy about, as AUD/USD managed to convincingly break through parity! The pair is currently trading above 1.0200, its highest level… ever! More…

New Zealand

Now that’s how you end the year with a bang! The last week of 2010 saw NZD/USD climb about 400 pips as the pair shot up in response to USD weakness. The question now is whether this strong rally will carry over into 2011. More…

Switzerland

With the Swissy tapping a fresh high against the dollar at .9309, it isn’t much of a surprise that yabba-dabba-doo’s resounded in the market as 2010 came to a close. EUR/CHF was also chillin’ at its all-time lows but it ended the year with the Swissy sustaining a 56-pip loss at 1.2485. More…