Daily Economic Roundup – May 6, 2010

What’s on the Economic Horizon

US Jobless Claims – Upside Surprise?
Swiss Monthly CPI Figures On Deck
ECB Expected to keep Rates at 1.00%
Is Gordon Brown’s Time Up?

United States

Looks like fear is taking its toll on the market place, as the dollar gained yet again in yesterdays trading session. The dollar took on the role of Mario, squashing all other Goombas, err, I mean major currencies except for the yen, who has been playing the role of Luigi in this risk aversion stage. More…

Eurozone

For the third day in a row, the euro became the whipping boy of the foreign exchange market. From its Asian open price of 1.3003, the EURUSD writhed in pain as it was sold off furiously throughout the day to close the US trading session at 1.2820. More…

United Kingdom

Today is a big day for the pound since the UK will be holding their parliamentary elections. Would fears of a hung parliament be realized? Or will the Conservative party take the lead and provide the pound some relief? More…

Japan

Yen crosses suffered a major bloodbath yesterday as the mighty Japanese yen wielded its samurai sword and raided massive gains. With risk aversion as its ally, could the yen continue to draw strength from the unwinding of carry trades? More…

Canada

Dementors seemed to enjoy hanging out in the markets since they continued to spread fear and suck the risk appetite from investors. This pushed commodity prices even lower, dragging down commodity-based currencies such as the Canadian dollar. More…

Australia

Although its losses were far less severe than the Western currencies, the Aussie fell down a couple of pips in yesterday’s trading session. The AUDUSD closed out the US trading session at 0.9050, down 41 pips from its open. More…

New Zealand

Is it a bird? Is it a plane? No, it’s the Kiwi soaring on some good ol’ positive data! Earlier today, the NZDUSD jumped more than 100 pips when employment reports from New Zealand beat expectations by a large margin. More…

Switzerland

Shazam! No thanks to the euro zone, the Swissy took another whack across the face. The USDCHF closed at 1.1177. The last time the pair was trading at this level was exactly one year ago! More…