Daily Economic Roundup – April 12, 2010

What’s on the Economic Horizon

Upcoming US Data Could Fuel Risk Appetite
The Euro Poised to Rally Further?
Housing Starts in Canada to Rise to 200K

United States

The US dollar had its walk of shame last Friday when it sunk against all of the other major currencies. Risk appetite made a comeback when news that finance officials in the euro zone have settled for a rescue package for Greece hit the airwaves. More…

Euro zone

Finally! The Greek bailout plan seems to be underway now that EU officials are seeing eye-to-eye in terms of securing a joint IMF and EU aid package. Ironically, it was Fitch’s downgrade of Greece’s credit rating that elicited this united response from the EU. More…

United Kingdom

The pound rallied nicely last Friday, as GBP bulls reacted favorably to the risk appetite soup that was served. With the GBPUSD gapping up over the weekend to open above key resistance at 1.5400, will the pair continue to surge higher? More…

Japan

The yen took a hit across the board as risk appetite came back in vogue last Friday, although it did hold its own against the USD. After gaining 4 out of 5 days last week, will the yen continue to rally versus the “mighty” dollar? More…

Canada

Unlike the other major currencies, the CAD was unable to find buying support last Friday. The weaker-than-expected results on Canada’s employment data pushed the USDCAD away from parity to close the week at 1.0050. More…

Australia

The combination of the RBA’s rate hikes, improving risk appetite, and rising optimism on a possible Greece bailout plan has taken the AUDUSD week-on-week. The AUDUSD found itself opening the week higher today to post new year-to-date high at 0.9389. More…

New Zealand

The Kiwi took flight last Friday, carrying the NZDUSD to a high of 0.7174 during the US session. New Zealand didn’t release any economic reports then but the improvement in risk appetite gave the com-dolls strength to take down the greenback. More…

Switzerland

What a way to close to week! The Swissy beat the greenback to a pulp to end the week on a high note. The USDCHF fell to and settled at 1.0657 from 1.0738. More…