Daily Economic Roundup – January 5, 2009

What’s on the Economic Horizon

German Unemployment Change Due Today
Canada’s Raw Materials Price Index to Show a 1.2% Increase
UK Construction PMI Expected To Rise

United States

The new year started positively for the dollar bears as the USD slumped against most of the other majors in yesterday’s trading. US equities markets were off on a good start with Dow, Nasdaq, and S&P 500 winning 1.50%, 1.73%, and 1.60%, respectively. Is the inverse relationship between USD and equities on track again? We’ll see in the coming days and months. More…

Euro zone

What a way to start the year! The EUR staged a strong rally against the USD and JPY after the euro zone released strong economic data. The EURUSD climbed to a high of 1.4456 while the EURJPY surged to 133.80. More…

United Kingdom

Despite the release of good economic data, the pound took a hit in yesterday’s trading session as it was the only major to fall against the USD. After hitting an intraday high of 1.6241, it was all downhill for the GBPUSD from that point onwards, as it closed at 1.6100. More…

Japan

The yen joined the anti-USD gang yesterday and got some revenge when it posted a gain after it had lost 4 days running. The USDJPY pair dipped, with price action closing at 92.59. More…

Canada

Just like its fellow commodity-based currencies, the CAD traded higher against the USD in yesterday’s trading session. The USDCAD opened the week at 1.0516 but the pair eventually found itself just a couple pips above 1.0400 when the US trading session ended. More…

Australia

The Aussie, helped by risk appetite and the rising price of gold, staged a furious rally yesterday. From its Asian open price of 0.8976, it soared almost 150 pips, closing out the US trading session 0.9126. More…

New Zealand

The Kiwi and the rest of its com-doll buddies traded higher yesterday as commodity prices surged. Although New Zealand hasn’t released any economic reports yet, the NZDUSD flew all the way up to a high of 0.7354. More…

Switzerland

Just like the other anti-dollars, the Swissy managed to start 2010 positively. The USDCHF fell to as low as 1.0264 before closing at 1.0300. More…