Daily Economic Roundup – January 4, 2010

What’s on the Economic Horizon

US ISM Manufacturing PMI on Deck
UK’s manufacturing PMI to improve to 52.1
Swiss SVME PMI to Climb to 57.1

United States

The USD bid farewell to 2009 in a mixed fashion as it gained against the JPY and EUR but lost ground against the rest of the majors. The start of the new year looks exciting, with the US gearing up for a hefty amount of economic data this week. Among the top tier reports due this week are the FOMC minutes and the much-awaited NFP report. Let’s get started, shall we? More…

Euro zone

As expected, we saw some range type movement during the holiday trading week. The EURUSD failed to make any new significant highs or lows and closed the week 60 pips lower at 1.4333. With traders coming back from their skiing trips up at the Alps, what can we expect this week? More…

Japan

The yen ended 2009 on a sour note as Standard and Poor, a global credit rating agency, warned Japan that they could cut its sovereign debt rating if it does not take steps to control its rising debt. More…

United Kingdom

The last week of 2009 proved to be a good one for the Cable as it was able to close out at 1.6165, around a hundred pips from its week opening price. However, looking at the charts would reveal that the Cable’s trend is still downwards, as it has been consistently been making lower lows since the second week of November. More…

Canada

The USDCAD snapped its short term down trend during the last couple of days of the 2009. Presently, the pair appears to be consolidating. Though, the bias remains to be on the downside given the its previous trend. More…

Australia

After several days of falling, the AUD rallied against the dollar to end the year 2009 on a positive note. Will the AUD be able to sustain this run to start the new year? More…

New Zealand

The Kiwi ended 2009 with a bang, as it erased its losses over the previous two weeks. The NZDUSD pair had opened the week at 0.7061, before shooting out of the rocket to end the week at 0.7255 – a gain of almost 200 pips! More…

Switzerland

The Swissy managed to sneak in a few gains before 2009 came to a close, causing the USDCHF to tumble to the 1.0300 area. Both Switzerland and the US have some high-impact reports due this week so brace yourselves for the exciting price action ahead! More…