Daily Economic Roundup – January 12, 2010

What’s on the Economic Horizon

US Trade Deficit Expected to Widen
UK Trade Balance Data Due Today
Canada Expects Trade Surplus for November

United States

The dollar found itself on the losing end of the stick early during the Asian session yesterday as the speculation of an early rate hike from the Fed continued to fade. More…

Euro zone

The euro started the week off on a good note as it closed positively against the dollar. The EURUSD went to as high as 1.4556 before closing at 1.4520. Will the 1.4500 technical support hold? We’ll find out today. More…

United Kingdom

The pound managed to hold on to its gains against the greenback yesterday as the US dollar rally started to fizzle. However, the pound displayed weakness against its other counterparts, the Yen and the euro. More…

Japan

News of Japan Airlines’ possible bankruptcy drove the Yen lower against most of its counterparts during the early Asian session. Later on, the Yen was able to recover some of its losses as Japan released its bank lending report, current account balance, and M2 money stock data. More…

Canada

After it looked like it was going to test for new highs versus the dollar, sentiment towards the CAD went ice cold during the US session. The USDCAD ended up closing higher at 1.0334. More…

Australia

The Aussie dollar benefited from a nice price gap over the weekend, giving it the boost to stay ahead in yesterdays trading battle. The AUD finished up at 0.9316 and looked poised to test its 2009 highs… More…

New Zealand

The Kiwi resumed its upward move against the dollar to begin the week. The NZDUSD reached a high of 0.7437 in yesterday’s trading before settling at 0.7435. More…

Switzerland

Just like the euro, the Swiss franc was able to post significant gains against the dollar in yesterday’s trading session. It seemed that the frenzy caused by the poor results on the US NFP last Friday hadn’t faded yet, forcing currency traders hold on to their Swiss francs and continue selling the dollar. More…