Daily Economic Roundup – March 3, 2010

What’s on the Economic Horizon

ADP Non-Farm Employment Change on Deck
German Retail Sales on Tap Later.
UK Services Sector to Expand Again in Feb

United States

The dollar traded in a mixed fashion against other major currencies yesterday. The dollar entered the Asian session with a strong rally but failed to keep its momentum and lost all of its winnings once the US trading sessions started. More…

Euro zone

Some risk taking allowed the Euro to recover some of its Monday losses versus the greenback yesterday. The EURUSD initially fell but found some support at 1.3500 to finish higher at 1.3608. More…

United Kingdom

Pound pairs were unable to pull up and gasp for air as they continued to dive deep for more than a week. Aside from weaker than expected construction PMI, the UK’s shaky political situation is also to blame for the pound’s weakness. More…

Japan

The Japanese yen flexed its muscles yesterday as it strengthened against the US dollar and British pound. Apparently yen rallies are not surprising during this time of the year… I wonder why. More…

Canada

The CAD made another convincing run against the dollar yesterday, as the USDCAD closed lower for the third straight trading day. The pair closed at 1.0365. Is it aiming for 2010 lows at 1.0225? More…

Australia

The Aussie inched its way upstream yesterday, on the strength of both increased risk appetite and some good economic data. The AUDUSD closed slightly higher at 0.9034. More…

New Zealand

The Kiwi had another bad day as it slid against the greenback yesterday. The NZDUSD found some resistance at the 0.7000 handle and fell back to close at 0.6959 from 0.6993. More…

Switzerland

Thanks to the positive results on Switzerland’s GDP report, the Swissy was able to edge out the dollar in yesterday’s trading session. The USDCHF, after going as high as 1.0887 during the Asian trading session, ended the day at 1.0750. More…