Daily Economic Roundup – December 1, 2009

What’s on the Economic Horizon

ISM PMI to Show that Growth Slowed in November
German Retail Sales Seen to Have Expanded in October
UK Manufacturing PMI to Improve
RBA: Potential Rate Hike

United States

The dollar failed to make any significant directional move against other major currencies yesterday. This kept most currency pairs range bound, bouncing off the day’s highs and lows. More…

Euro zone

At the end of the yesterday, the EURUSD closed exactly where it opened. This price action indicates indecision or tug-of-war between buyers and sellers. Though with German retail sales seen to post some positive growth, the fiber could possibly break yesterday’s silence and move up. More…

United Kingdom

The pound started the day right by gaining ground against the greenback but it soon fell back, unable to recover until the end of the US session. Poor economic data from the UK was most likely the reason behind the pound’s slowdown. More…

Japan

As global risk concerns faded, Yen pairs pulled out of their sharp dive and shifted to consolidation mode yesterday. The possibility of currency intervention, which was touched upon by BOJ Governor Shirakawa, prompted traders to cut back on their long Yen orders. More…

Canada

Choppy trading for the Loonie yesterday, as the CAD didn’t make much headway against the USD despite the Canadian GDP release indicating that Canada climbed out of recession. The USDCAD closed just 25 pips lower for the day at 1.0554. More…

Australia

Ranging was the name of the game for the AUDUSD yesterday, leaving the pair to close slightly higher at 0.9159. It appears that traders are preparing for the Reserve Bank of Australia’s interest rate decision due later today at 3:30 am GMT. More…

New Zealand

The Kiwi traded in a mixed fashion yesterday due to some tentativeness in global capitals markets. Still, it was able to post some marginal gains over the greenback. The NZDUSD opened at 0.7139 and closed at 0.7163. More…

Switzerland

The Swiss franc traded in a U-type fashion against the dollar yesterday. The franc managed to edge up against the dollar early during Asia but failed to follow through reversed all its gains when the European trading session moved along. More…

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