Daily Economic Roundup – February 24, 2010

What’s on the Economic Horizon
Fed Chairman Bernanke to Testify on the Bank’s Semi-Annual Policy
German Consumer Confidence Could Also Slip
Private Capital Expenditure in Australia to Have Grown 1.5%

United States

It was a crazy day for the dollar bulls yesterday! The USD staged a broad-based push against most of the other majors. Wow. Combined dismal economic reports from the UK, euro zone, and the US led to a massive dollar buying. More…

Euro zone

“Sooner or later it all comes crashing down, crashing down…” sang the EUR yesterday as it tumbled by almost 200 pips against the USD. An unhealthy combination of risk aversion and weak economic data from the euro zone also caused the EURJPY to plummet from a high of 124.55 to the 122.00 area. More…

United Kingdom

Looks like pound bulls couldn’t enjoy their tea time yesterday, as the pound was rocked by comments made by BOE officials. The aftermath? Cable fell from a high of 1.5576 to close at 1.5409! More…

Japan

Equity markets fell yesterday as a consumer confidence report from the US came out much worse than expected. With traders running for safety, the yen posted gains against the dollar, euro and pound. More…

Canada

No thanks to risk aversion, in just a single day, the Loonie gave up all of its gains from last week. The USDCAD closed the US session 1.0567, 150 pips higher from its opening price during the Asian trading session. More…

Australia

Risk aversion came back in full force yesterday when doubts on the sustainability of the global economic recovery resurfaced. The Aussie, after hitting an intraday high of 0.9072, found itself more than 150 pips lower at 0.8914 by the end of the US trading session. More…

New Zealand

Risk aversion clipped the Kiwi’s wings yesterday, leaving the NZDUSD diving down by more than 150 pips. Despite New Zealand’s relatively strong economic report, the Kiwi joined the rest of its com-doll buddies in tumbling down against the greenback. More…

Switzerland

The Swissy, like the other anti-dollars, lost its grip and slipped versus the greenback in yesterday’s session. The USDCHF rose to 1.0842 from 1.0760. More…