Daily Economic Roundup – December 23, 2009

What’s on the Economic Horizon

New Home Sales to Rise to 442K
CAD: Monthly GDP report on deck
BOE Minutes On The Clock

United States

Supported by the strong reading on the existing home sales report, the USD turned up the heat against the majors currencies yesterday… Except versus the CAD, that one’s tough and refuses to melt! Is this more evidence that currency traders are returning to watching fundamentals than risk sentiment? It sure looks like it. More…

Euro zone

December appears to the most forgettable month for the Euro as it got another hit from the greenback yesterday. The only ones celebrating Christmas are the euro bears. More…

United Kingdom

Argh! So much for hoping for a positive GDP reading. The pound was immensely disappointed when it learned that the British economy was still stuck in recession, despite the upward revision on their third quarter GDP. The cable easily gave way to greenback strength while the guppy struggled to hold on to its recent gains. More…

Japan

Yen weakness was seen all over the charts as the greenback continued to reign supreme. Yen crosses were able to hold on to their recent gains, with the EURJPY even climbing higher. More…

Canada

Despite the dollar’s domination against other currencies, it just can’t seem to get one up on it’s neighbors from the Great White North! The CAD once again didn’t buckle under USD strength and gained for the third day in a row, as the USDCAD pair closed at 1.0581. More…

Australia

Another down day for the Aussie, as it succumbed to USD buying pressure in yesterday’s trading sessions. The AUDUSD pair closed at 0.8762 and is now approaching potential resistance turned support. The question is, will it hold? More…

New Zealand

Calling all Kiwi bulls! The Kiwi is in big danger of falling big time against the dollar. Presently, the NZDUSD is hanging on the 0.7000 edge. Falling down to 0.6500 is a possibility should the pair slip from the mentioned mark. More…

Switzerland

Just like the EUR, the CHF experienced a beating from the USD yesterday. From the looks of it, it won’t be long until the USDCHF tests last week’s high at 1.0508. More…