Daily Economic Roundup – January 4, 2011

What’s on the Economic Horizon

FOMC Meeting Minutes Due Today
Germany Expected to Have Added 12,000 Workers in November
U.K.’s Manufacturing PMI to Drop to 57.3?

United States

Yesterday was a wacky, wacky trading session for the dollar. The currency started off with a nice little rally, posting some gains against other major currencies. Unfortunately, the move up did not last long as risk appetite soon picked up. After EUR/USD had hit an intraday low of 1.3250 on dollar strength, the pair soon fought back and ended the day at 1.3350, unchanged from its opening price. More…

Euro zone

Whew! That was a close one! The euro managed to gain back most of its losses against its major counterparts yesterday on positive economic reports and low-volume trading. EUR/CHF dropped to an intraday low of 1.2414 before capping the day at 1.2474. Meanwhile, EUR/USD ended the day unchanged at 1.3349 after plunging to 1.3250 during the London session. More…

United Kingdom

Was December 31’s rally a mere fluke? Not even the lack of data could save the pound from sliding yesterday. Worries over the outlook for the U.K. in 2011 kept the pound grounded as GBP/USD fell 90 pips to close at 1.5476. More…

Japan

The yen couldn’t pick up where it left off last year as it was unable to start 2011 with a win. After two weeks of trampling the Greenback, it finally weakened and gave way to risk appetite, causing USD/JPY to rise 46 pips to 81.73. More…

Canada

Black Crack is king! The Loonie steamrolled its major counterparts yesterday as oil prices continued to rise in markets. USD/CAD leveled off to a 10-pip loss after falling to an intraday low of .9989. Meanwhile, CAD/JPY rose by 53 pips to its 82.24 closing price. More…

Australia

After two straight weeks of pushing the Aussie up the charts, Aussie bulls finally showed signs of exhaustion yesterday. Has the rally come to an end? AUD/USD recorded its biggest slide in 13 days and posted its first loss of the year as it slipped 38 pips to 1.0168. More…

New Zealand

Not today, my friend! The Kiwi ended its winning streak against the Greenback yesterday despite the lack of economic reports in New Zealand. NZD/USD reached an intraday high of .7785, but demand for the scrilla closed the pair 2 pips above its intraday low at .7728. More…

Switzerland

Despite disappointing SVME PMI figures, USD/CHF found itself being all-around boring as it just ping-ponged around its session highs and lows. USD/CHF ended the day at .9344, 3 pips lower than its opening price that day. Basically, the daily candle of USD/CHF managed to form a nice little “doji.” More…