Daily Economic Roundup – December 21, 2009

What’s on the Economic Horizon

US Final Q3 GDP Due Tuesday
BOJ Monthly Report On Today’s Docket
Canadian Retail Sales On Tap Today
New Zealand’s Current Account to Post Deficit?

United States

It’s Christmas week and, as most traders start the holidays early, lower liquidity could mean higher volatility. Yikes! Would the greenback be able to sustain its recent rallies even until the end of 2009? More…

Euro zone

It’s been a cold, cold December for euro bulls, as last week was another downer. The EURUSD pair dropped 300 pips from it’s opening price, to close at 1.4336. Will we see more of the same euro weakness as we start a new week? More…

Japan

Recent US dollar rallies left the Yen virtually powerless at the end of the previous week. Strong US fundamentals, which hinted at a sooner rate hike, drowned out the appeal for the Yen, which was then suffering from a weak Japanese economic outlook. More…

United Kingdom

The GBPUSD attempted to retrace some of its losses early during the Asian session last Friday but failed to follow through with the move and dropped 150 pips when it hit 1.6250, a major resistance level. The increasing strength of the US economy and persistent debt worries put downward pressure on the GBPUSD’s price action as well. More…

Canada

The Loonie staged a small rally versus the dollar last Friday due to some surprisingly upbeat corporate earnings figures in the US plus a rise in Canadian wholesale sales. The USDCAD closed at 1.0660 from an opening price of 1.0703. More…

Australia

Whew! The Aussie was able to recover some of its Thursday losses against the dollar to conclude last week’s trading. The AUDUSD fell to a low of 0.8811 before closing higher at 0.8907. More…

New Zealand

Trading was so quiet for the Kiwi, I could almost hear the all the sheep chewing away! The NZDUSD pair traded within a tight range of just 67 pips, closing at 0.7110. More…

Switzerland

With the US dollar’s seemingly unstoppable strength, the USDCHF climbed all the way up to the 1.0500 area last week. However, traders now seem to be more interested in the EURCHF’s behavior as the possibility of SNB intervention resurfaces. More…