Daily Economic Roundup – December 8, 2009

What’s on the Economic Horizon
BOC Rate Decision Today
German Industrial Production on the Docket
UK HPI and Manufacturing Production Due

United States

It looked like the USD was headed for another sweep of the table, but US Fed Chairman Ben Bernanke made some comments that made traders take a double take on the dollar. The dollar fell following his speech and gave up part of the gains it had made against other major currencies. More…

Euro zone

The euro took another hit from the dollar in yesterday’s trading session. It seemed that euro bears still had juice left in them and tried to push for the euro lower. More…

United Kingdom

Like most of the other majors, trading of the pound was also volatile yesterday. The cable closed slightly higher at 1.6442 from 1.6431. The guppy (GBPJPY), on the other hand, fell to 147.19 from 148.47. More…

Japan

The JPY fashioned a broad-based win against all the other major currencies yesterday. Note that Japan did not release any economic reports. The grand slam score, however, was sparked by some comments of the 2 most influential leaders in the world – ECB President Jean-Claude Trichet and Fed Chairman Ben Bernanke. More…

Canada

Not so fast! The CAD put up a strong fight against the USD yesterday as the USDCAD fell from 1.0650 to 1.0510 during the US session. The rise in Canada’s building permits for October gave the CAD enough strength to overpower the USD. More…

Australia

US dollar strength lingered yesterday, leaving commodity currencies weaker across the board. Although Australia’s job advertisements were reportedly higher in November, the Aussie was unable to have a fighting chance against the US dollar. More…

New Zealand

The Kiwi edged lower initially when trading began yesterday but found some buying support once the US session rolled along. It ended the US trading session at 0.7122, just 35 pips lower from its week open price at 0.7157. More…

Switzerland

The Swiss franc took some hits in the early going against the USD, as it looked like USD buying would dominate trading once again. However, enthusiasm towards the greenback died down, allowing to CHF to recuperate some of its losses. The USDCHF pair closed slightly higher at 1.0202. More…