Daily Economic Roundup – December 10, 2009

What’s on the Economic Horizon

Canada’s Trade Deficit Expected to Narrow
SNB Seen to Leave its Rate at 0.25%
French Industrial Production Could Rise 0.6%
BOE Rate Decision – No Change Expected

United States

The greenback snapped its winning streak against most of the other major currencies yesterday due the lack of major economic flows in the US. The Dollar Index closed yesterday’s session with a 0.3% loss. More…

Euro zone

Strong economic data from Germany, euro zone’s largest economy, gave the EUR enough courage to put up a fight against the USD and JPY. The EURUSD struggled to consolidate for an entire day while the EURJPY refused to back down further. More…

United Kingdom

It looked like the GBP was going to suffer through another day of torture against the USD and JPY before it got propped up late in the European session. The pound fought back, limiting its losses for the day. Cable closed at 1.6270, which wasn’t so bad considering it went as low as 1.6168. More…

Japan

It was a good day for the yen yesterday, although it would have been great, had risk sentiment not picked up during the latter trading sessions. With risk sentiment seeming to pick up, will the yen continue to give up more of its recent gains today? More…

Canada

Despite Canada’s empty economic cupboard yesterday, the CAD was able to stage a nice 100 pip rally against the USD yesterday. This allowed the CAD to get back most of its losses from the USD strength on Tuesday. The USDCAD is still well within its trading range though. More…

Australia

Economic data released failed to move the Aussie decisively on Wednesday, keeping the Aussie well within its session high and lows. More…

New Zealand

A rate hike come mid-2010? Well, that’s definitely a reason for the Kiwi to soar! The NZDUSD managed to recover some of its losses as it flew past the 0.7100 handle yesterday when RBNZ Governor Allan Bollard announced that rate hikes could come earlier next year. More…

Switzerland

The USDCHF looks like it has broken its long term downtrend line given the dollar’s strong rallies in the past couple of days. Though, yesterday it hit some resistance as it approached the 1.0300 mark. More…