Daily Economic Roundup – May 10, 2010

What’s on the Economic Horizon

US Retail Sales and UoM Consumer Survey to Spark Volatility
BOE Interest Rate Decision Due Today
Joblessness in Australia to Remain at 5.3%

United States

It looks like conflicting results on the US employment report sent the dollar to the dog shed last Friday! After hitting a high of 85.76 the day before, the US dollar index, which tracks the performance of the dollar against a basket of other major currencies, closed out Friday at 84.86. More…

Euro Zone

Euro bears took a break from their attacks last Friday, allowing the EURUSD to end back above the 1.2700 handle and the EURJPY to close at 116.36. After almost an entire week’s worth of losses, would the euro be able to make a comeback? More…

United Kingdom

After dipping to a yearly low at 1.4477, the GBPUSD has recovered, now hovering just above the 1.4800 handle. Now that we’ve got a hung parliament, will the pound get left out to dry? More…

Japan

After getting a boost from a glitch that sparked a wild run of risk aversion, the yen gave back its gains last Friday as traders repositioned themselves. Still, with all the uncertainty hanging around in the market, could the yen continue to benefit? More…

Canada

Ka-chow! Thanks to some good employment data, the CAD came storming back! After hitting a high of 1.0741 last week, the USDCAD was able to close out the week at 1.0440. More…

Australia

After going deep-sea diving for a few days, the AUDUSD floated within a 135-pip range before heading off to enjoy the weekend. Did it get tired of too much diving or was it merely gearing up to explore new depths? More…

New Zealand

The Kiwi flew all over the place last Friday as the NZDUSD zigzagged its way across the charts. At the end of the day, the Kiwi landed above the 0.7100 handle and closed at 0.7136 against the greenback. More…

Switzerland

Thanks to some positive news from the euro zone, the Swissy was able to regain some of its losses last Friday. The USDCHF closed out the day at 1.1086, roughly 30 pips lower from its opening price during the Asian session. More…