Daily Economic Roundup – February 4, 2010

What’s on the Economic Horizon
ECB to Keep Rates Unchanged Again
Canada’s Ivey PMI to Rebound in January
BOE Could Leave Policies As Is

United States

Yeehawww! The dollar made like a cowboy and rounded up all the other majors in yesterday’s trading session! The question is, is the dollar gaining because of fundamental strength or simply risk aversion? More…

Euro zone

The euro, in just one day, managed to lose almost all of the ground it gained from the beginning of this week. The EURUSD, after hitting resistance at the 1.4000 region was quickly brought down to its knees to close the US session just a few pips under 1.3900. More…

United Kingdom

After a strong start, the Cable ran out of gas and got left behind in yesterday’s currency race. The GBPUSD fell all the way to 1.5898 after reaching a high of 1.6069. More…

Japan

The yen traded somewhat flat yesterday though it still incurred a small loss against the other major currencies. The biggest loss that it had was versus the dollar. The USDJPY rose and closed at 90.98 from 90.38. More…

Canada

Commodity currencies wept over their losses as the US dollar bulls took the upper hand yesterday. Strong economic figures from the US pushed the USDCAD from the 1.0550 area above the 1.0600 handle. Canada didn’t release any economic reports, leaving the loonie vulnerable to greenback strength. More…

Australia

The Aussie got whipped by the US dollar yesterday, causing the AUDUSD to crash to a low of 0.8816 during the US session. It also didn’t help that, earlier that day, Australia’s trade deficit was reported to have widened in December. More…

New Zealand

Ouch. It looks like the Kiwi’s going to receive a lot of hatin’ today as New Zealand’s economic situation report released earlier today came out grossly below expectations. The Kiwi has now sunk below 0.7000, its lowest level in four months. More…

Switzerland

The end of the European session was tough on the CHF, as the USDCHF looked headed for new lows, before it promptly changed course. The pair ended back up 1.0590. More…