Daily Economic Roundup – June 3, 2010

What’s on the Economic Horizon
Euro Zone Services PMI to Remain Steady
UK Services PMI Expected to Rise
US ADP Non-Farm Employment Report on Deck

United States

Dollar bulls paused to catch their breath yesterday, probably in anticipation of the upcoming top-tier economic reports. Because of that, most majors were able to stay range-bound against the US dollar, except for the weak yen and the strong Loonie. More…

Euro Zone

The euro managed to stave off any big losses yesterday, with the EURUSD treading around the 1.2200 handle. It looks like traders are waiting for more catalysts before triggering any big move. More…

United Kingdom

The Cable went into see-saw mode yesterday as it paced in and out of the 1.4700 psychological handle. It rallied as high as 1.4771 during the Asian session before completely reversing its gains to settle at 1.4665 by the end of the US trading session. The Guppy, however, was well bid, which enabled it to soar to 135.02 by the day’s end. More…

Japan

The yen turned out to be the biggest loser in yesterday’s trading session. The combination of weak underlying fundamentals and the resignation of Japan’s Prime Minister Hatoyama were the main reasons for the yen’s fall. More…

Canada

With the wind on its back, the Loonie was able to post spectacular gains versus the yen and the dollar yesterday. Did the rally from the Bank of Canada (BOC) rate hike come one day late? More…

Australia

Like its com-doll sibling, the Aussie rode a nice wave of risk appetite that hit the market shores. With the equity and commodity markets all amped up, the AUDUSD finished at 0.8421, up almost a 100 pips from its opening price. More…

New Zealand

The Kiwi sparkled in yesterday’s trading session, as it got a nice boost from a return of risk appetite in the commodities markets. The NZDUSD closed 62 pips higher to end the day at 0.6822. More…

Switzerland

The USDCHF pair seemed to be walking on a tight rope yesterday as it tiptoed around the 1.1540 and the 1.1600 levels. Even though Switzerland saw a weaker than expected retail sales figure, the Swissy was able to hold its ground against the greenback. More…

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