Daily Economic Roundup – December 17, 2009

What’s on the Economic Horizon
US: Weekly Unemployment Claims, Philly Fed Index Due Today
CAD: CPI to increase?
UK November Retail Sales Probably Rose

United States

Wow, these dollar bulls are tough. For awhile, it seemed that they were starting to loosen their grips on the market, when the dollar started to give back some of its gains during the Asian session… But when the FOMC rate statement came in, the dollar bulls flexed their muscles once again for the forex world to see. More…

Euro zone

The euro ended flat versus the greenback yesterday. The EURUSD pair just traded within an 85-pip range and eventually closed at 1.4533. More…

United Kingdom

Unlike its peers, the pound refused to give way to US dollar strength. The cable surged to a high of 1.6411 as the UK reported a surprise improvement in its labor market. Traders banked on these strong employment numbers, thinking that the BOE’s efforts are finally starting to pay off. More…

Japan

The JPY showed signs of weakness yesterday as Japan’s debt concerns started to resurface. With no economic reports to draw strength from, the JPY bowed down to the USD, its safe-haven rival. More…

Canada

More range trading for the Loonie yesterday, as it seemed that traders were hesitant to act before the release of the FOMC report. The USDCAD ended the day slightly lower, at 1.0607. More…

Australia

The Aussie hit the canvas once again and barely made the 8 count in yesterdays trading round. Most of the movement came early in the day, when the GDP report came out worse than expected, causing traders to sell the AUD. Ultimately, the AUDUSD pair closed at 0.9007. More…

New Zealand

The Kiwi made a change of heart after falling during the Asian session up until the start of the euro session to recover most of its losses against the dollar. The NZDUSD closed at 0.7207 after dropping to a low of 0.7156. More…

Switzerland

The Swissy managed to retrace some of its losses in early in Asia yesterday but the FOMC rate statement late in the US session pushed it back near to its opening price. More…

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