Daily Economic Roundup – January 8, 2010

What’s on the Economic Horizon

December NFP Report to Print 3K in Net Job Losses
UK PPI on the Docket
Canadian Employment Change on Tap
Euro Zone Unemployment Projected to Rise Slightly

United States

As traders held their breath in anticipation for the release of today’s NFP report, most US dollar pairs shifted to consolidation mode. Only the Yen gave way to the greenback, bringing the USDJPY to a high of 93.41 during the US session. More…

Euro zone

The euro took a dip in the deep end yesterday, after it was pushed in by poor economic data. The EURUSD fell to 1.4323 and hanging on to a support line just above 1.4300. More…

Japan

The yen took a huge blow yesterday when Japan’s Financial Minister Kan commented that it would be nice to see the yen weaken further. The USDJPY, after hitting its intraday low of 92.11, rallied more than 100 pips within a few hours after the statement. More…

United Kingdom

The Cable experienced a major hit early in the Asian session but eventually shifted gears and went into consolidation during the US session. From the looks of it, currency traders are holding back on being heavily positioned in one direction as they await the release of the upcoming NFP report. More…

Canada

The Loonie broke its 5-day winning streak with a 73-pip loss versus the dollar yesterday. Still, the USDCAD remains to be on a strong long term downtrend on its daily time frame. More…

Australia

The Aussie continued its awesome run against the yen in yesterday’s session. Presently, the AUDJPY is trading on a new 15-month high! More…

New Zealand

It looked like the Kiwi was about to gain versus the dollar for the 9th day in a row, but the NZD bulls cooled off, allowing the bears to take over. The pair closed much lower at 0.7323 after hitting a high of 0.7430. Could this be a one day break? Or is this the end of the recent run by the NZD? More…

Switzerland

The Swissy lost against the greenback yesterday after Switzerland’s monthly CPI came in weaker than expected. Strong US employment figures also helped push the USDCHF to a high of 1.0372 during the US session. More…