Daily Economic Roundup – January 6, 2010

What’s on the Economic Horizon

ADP Non-farm Employment Change: 74,000 Net Job losses?
Euro Zone’s Industrial Orders Expected to Narrow
UK Services PMI on Tap

United States

After giving up some ground last Monday, the dollar bulls finally decided gussy up yesterday. The dollar bulls also found it helpful that equity markets failed to sustain their bullish momentum from the day before. More…

Euro zone

The euro snapped its 10-day winning streak against the yen yesterday. The EURJPY fell and closed at 131.72 after reaching a high of 133.80 the day before. The EURUSD also slipped to 1.4368 from a high of 1.4485. More…

United Kingdom

Ouch! The pound crumbled under greenback strength for the second day in a row as UK’s poor fundamentals continued weigh down the outlook for their economy. As a result, the GBPUSD broke below support at 1.6060 and tumbled to a low of 1.5965. More…

Japan

The Yen displayed its dominance against its major counterparts yesterday when a Chinese official remarked that the Yuan is being forced to appreciate. This caused Asian currencies to rally based on traders’ speculations. More…

Canada

The CAD tried to push for big gains against the USD yesterday, giving up some during the latter part of the US session. After hitting a low of 1.0336, the USDCAD pair eventually closed at 1.0390. Looks like traders are being careful ahead of the NFP report due later this week… More…

Australia

The Aussie bulls attempted to take the AUD to new highs yesterday, hitting as high as 0.9175 before cooling off. The pair eventually closed lower at 0.9126. Could this be the end of the recent AUD bullish run? Or will traders take this as an opportunity to buy the AUD at a cheaper price? More…

New Zealand

The NZDUSD appeared to have cooled off yesterday after 7 days of strong rally. The pair closed a hair lower at 0.7340 from an opening of 0.7431 after reaching a high of 0.7391. More…

Switzerland

Taking a cue from the euro, the Swiss franc also succumbed to dollar buying yesterday. The USDCHF, from an intraday low of 1.0250, rose as high as 1.0361 before closing the US session at 1.0335. More…