Daily Economic Roundup – May 3, 2010

What’s on the Economic Horizon

Labor Costs In NZ to Rise 0.4%
ISM Manufacturing Index To Dip?
SVME PMI Expected to Fall Slightly
UK Elections This Week

United States

After starting last week on a solid note, the dollar gave back some of its gains as risk appetite seemed to trickle back into the markets. Will more news of downgrades spark another run to safety? Or are there just no more sellers in the market to push higher yielding currencies lower versus the dollar? More…

Euro zone

Thanks to the news that Greece will finally accept the financial bailout from European Union and the International Monetary Fund, the EURUSD was able post some gains for the third day in a row last Friday. More…

United Kingdom

The UK elections has been a trending topic for the past weeks and now, the day of reckoning is finally near! Fears of a hung parliament have been weighing the pound down but will it be able to breathe a sigh of relief this week? More…

Japan

Yikes! Deflation continues to haunt the Japanese economy as pointed out by the BOJ in their rate statement last Friday. This caused the Japanese yen to lose ground against most of its major counterparts that day. Would it be able to bounce back this week? More…

Canada

If the greenback was Floyd Mayweather, then the Loonie would be Sugar Shane Mosley since it got beat up miserably last week. By the end of Friday’s match, the USDCAD moved farther away from parity and closed at 1.0157. More…

Australia

It looks like the severely overbought Aussie finally gave back some of its gains last Friday. The AUDUSD went as high as 0.9325 before settling at the end of the day at 0.9251. The losses were far from convincing though, indicating that the down move could simply be investors taking profit for the month of April. More…

New Zealand

The Kiwi traded in a mixed manner last Friday, rallying steadily during Asian and European trading sessions but giving up some of its gains during the US trading session. The NZDUSD ended the day at 0.7269, which was slightly higher from its opening price of 0.7232. More…

Switzerland

After stumbling earlier in the week, the franc posted strong gains against the dollar to end the week. The USDCHF pair dropped 60 pips last Friday, to end the week at 1.0762. More…