Daily Economic Roundup – June 9, 2010

What’s on the Economic Horizon

Bernanke Set To Speak Again
Will the RBNZ Hike Rates to 2.75%?
UK Trade Deficit to Narrow

United States

Renewed risk appetite sent traders scurrying back to higher yielding assets, leaving the dollar to give up some of its gains from the previous day. The dollar fell against the com-dolls, but was able to stay in pace with the euro and pound. More…

Euro zone

For the second day in a row, the EURUSD bulls were able to keep support at the 1.1900 handle intact. The EURUSD found itself pacing backed and forth between 1.1900 and 1.2000 throughout all three trading session before eventually settling at 1.1947 at the end of the day. More…

United Kingdom

Is the UK on the path towards a fiscal crisis? It seems that traders are growing concerned over UK’s huge public deficit, dragging the cable to a low of 1.4347 during the US session. More…

Japan

The yen’s movement was a bit unsteady yesterday as traders were still wary about new Prime Minister Naoto Kan’s leadership. As a result, the yen ended slightly lower against most of its counterparts. More…

Canada

The Loonie edged higher against the Greenback in yesterday’s trading, thanks to the pick up in commodity prices and the slight improvement in risk appetite. Even though Canada’s housing starts failed to meet the consensus, Loonie strength pushed the USDCAD to a low of 1.0486. More…

Australia

Just like other commodity-based currencies, the Aussie was able to stage a nice rally yesterday. The AUDUSD closed the US trading at .8275, which was 170 pips higher from its Asian session opening price. More…

New Zealand

Thanks to the rise in commodity price and the speculation of a rate hike from the Reserve Bank of New Zealand, the Kiwi was able to stage a magnificent rally in yesterday’s trading session. From its Asian session opening price of .6585, the NZDUSD soared almost 100 pips to close the US trading session at .6682. More…

Switzerland

Well wadya know! It looks like the SNB did intervene in the markets! Unfortunately for the SNB, even though both the EURCHF and USDCHF rose by more than 100 pips in one minute, the move wasn’t sustained and both pairs fell right back into place. More…