Daily Economic Roundup – December 22, 2009

What’s on the Economic Horizon

New Zealand’s Q3 GDP Due Today
UK Current Account Deficit Expected to Shrink
US Existing Home Expected to Reach 6.29M
Switzerland’s Trade balance to Advance

United States

It’s Christmas for the dollar indeed as it continued to dominate most of the other major currencies yesterday despite not having any economic reports from the US! Dollar bulls must crazy partying at this moment! More…

Euro zone

After diving down for the past few days, the EURUSD paused to catch its breath yesterday. The pair consolidated within resistance at 1.4370 and support at 1.4280 in the absence of economic reports from the euro zone. More…

United Kingdom

Despite the lack of any key economic reports, the pound got swept away as traders kept up their USD buying. Cable fell over 60 pips to close at 1.6050. More…

Japan

For the fifth day in a row, the yen fell against the USD, leaving the USDJPY to close trading at 91.18. Could this be the theme for the rest of 2009? More…

Canada

The Loonie bagged the best performing currency award in yesterday’s trading session. From its Asian open price of 1.0668, the Loonie headed to a low of 1.0537 before giving up some of its gains and closing the US session at 1.0614. More…

Australia

The Aussie began the week on a sour note as it fell almost 100 pips from its Asian open price. It looks like the 0.8600 handle isn’t too far away for the Aussie, especially since the dollar has been showing a lot of strength in the past couple weeks. More…

New Zealand

The Kiwi struggled to keep its head above water in its attempt to avoid sinking down against the greenback. Strong economic reports from New Zealand helped the NZDUSD stay afloat and find support at 0.7070. More…

Switzerland

The Swissy snapped its 3-day winning streak yesterday with a loss against the euro. But hey, it’s not Christmas everyday! So with the pair closing below the significant 1.5000 support, it is likely that this support-turned-resistance will hold given the lack of high impact economic reports for the rest of the year that could swing the euro upwards. More…