Daily Economic Roundup – February 3, 2010

What’s on the Economic Horizon

ADP Report to Show 40K Net Jobs Lost in January
UK Services PMI Could Dip to 56.6
New Zealand’s Jobless Rate in December seen at 5.8%

United States

For the second day in a row yesterday, the dollar gave up a bit of ground versus most major currencies. From the looks of it, the dollar’s losses for the past two days was simply corrective, and the bias in buying the currency remains… well, intact. More…

Euro zone

The euro closed mixed in yesterday’s trading. The EURUSD gained a little and rose to 1.3965 from 1.3931. The EURJPY, on the other hand, fell slightly to 126.22 from 126.29. More…

United Kingdom

Taking one teeny tiny step at a time, the pound managed to overtake the greenback during yesterday’s trading. The improvement in UK’s construction PMI pushed the cable closer to the 1.6000 handle and allowed the guppy to keep its head above the 144.00 mark. More…

Japan

The Yen scored four knockout victories as it crushed its major counterparts yesterday. Average cash earnings fell in December, sparking a run of risk aversion that benefited the Yen. More…

Canada

Make that two goals in a row! The Loonie trickled in a slap shot and scored against the dollar. The USDCAD now sits at 1.0575. Will we see a hat trick today? More…

Australia

The Australian dollar started off the day on a poor note but was able to recover its losses by the time the closing bell rang. The AUDUSD traded as low as 0.8780 before bouncing back to close at 0.8868. More…

New Zealand

The Kiwi managed to pocket some gains over the dollar despite the lack of economic flows in New Zealand in yesterday. The Kiwi initially fell when the RBA surprised the markets by not hiking their interest rate. Nonetheless, traders continued to buy the NZDUSD for the rest of the session. More…

Switzerland

The Swissy continued to take ground away from the dollar yesterday. The USDCHF, after touching 1.0600 during the European session, was brought down by currency traders to close the US session at 1.0550. More…