Daily Economic Roundup – June 4, 2010

What’s on the Economic Horizon

NFP – 500,000 Net Job Gains
CAD Employment Data Due Tonight
SNB Governor Hildebrand Scheduled To Speak.

United States

While equity markets fell as risk aversion took its toll on the markets, we only saw the dollar make significant gains versus the slumping euro. However, the dollar has struggled to post gains versus the currencies of better performing economies like Australia and Canada. So what is driving the market right now, fundamentals or risk sentiment? More…

Euro zone

After rallying slightly during the Asian session yesterday, the EURUSD was sold off again on the news that Hungary could end up just like Greece. The EURUSD closed the US trading session at 1.2154, last week’s low. More…

United Kingdom

Even though UK’s economic data came in line with expectations, the cable was unable to make further headway as it retreated towards the 1.4600 area. Meanwhile, the guppy was unable to sustain its rally above 136.00 and pulled back to a low of 134.56. More…

Japan

The yen continued its kamikaze dive yesterday as Japan’s political uncertainties weighed the currency down. After a brief pause around the 92.00 area, the USDJPY zoomed up to a high of 92.81. More…

Canada

After speeding towards the 1.0350 mark, the USDCAD pair hit the brakes yesterday and drove back to a high of 1.0464. Canada didn’t release any economic figures lately but traders are probably waiting for the results of the employment report before deciding where to take the USDCAD. More…

Australia

The Aussie was once again exposed to risk appetite-aversion flows yesterday. It rallied furiously during the Asian session, but reversed all of its gains once the European trading session went underway. More…

New Zealand

With absolutely nothing on New Zealand’s economic calendar, the Kiwi was left victim to risk sentiment. Although the Kiwi able to rally on increased risk appetite early on, it was undermined by the dollar’s safe-haven appeal once the European trading session kicked in. It went as high as .6900 during the Asian session before being taken back down to .6839 at the end of the US session. More…

Switzerland

Rinse and repeat, my old man used to say! Once again, the USDCHF stayed within a tight range of just 80 pips. When are we going to see this pair break out of its range? More…

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