Daily Economic Roundup – January 28, 2010

What’s on the Economic Horizon

Durable Goods Orders and Unemployment Claims on Deck
NZD: Building Permits Probably Rose 3.0% in December
Japanese Deflation Could Moderate in January

United States

Despite the FOMC renewing its commitment to keep rates steady for an extended period of time, the dollar was able to get a one-up against most major currencies yesterday. More on United States…

Euro zone

The euro continued to weaken against the yen and the dollar for the most part of yesterday’s session despite the lack of economic flows in the euro zone. It was only able to spring back to life and recover its losses vis-à-vis the yen when the FOMC stated that they will be keeping the central bank’s target interest rate band of 0.00% to 0.25% for an extended period of time in spite of the improving labor market. More on Euro zone…

United Kingdom

Despite the weak CBI realized sales report, the pound managed to stay resilient against the greenback and even strengthened against the yen. Hawkish comments from BOE official Andrew Sentance helped the pound stay afloat. More on United Kingdom…

Japan

Mixed emotions were felt by the JPY as its upbeat trade balance figure was followed by a disappointing retail sales report. The JPY’s recent rally against its safe-haven rival, the USD, came to an end when Japanese retail sales unexpectedly fell in December. More on Japan…

Canada

The Canadian dollar trickled down lower against the USD as dollar strength was seen across the board. This left the USDCAD to close slightly higher at 1.0648. More on Canada…

Australia

Once again, the Aussie was blown away by the might of the USD! While losses were limited, it marked the 6th time in 7 days that the AUD has fallen. The AUDUSD now stands at 0.8942. My question is, how much further Down Under will it go? More on Australia…

New Zealand

The Kiwi slid for a second time in a row versus the dollar yesterday. The NZDUSD fell and closed at 0.7053 from 0.7077. More New Zealand…

Switzerland

No thanks to the FOMC’s statement yesterday, the Swiss franc lost for the fourth straight day yesterday. The USDCHF found itself at 1.0526 by the end of the US trading session, 60 pips higher from its Asian open price. More on Switzerland…