Daily Economic Roundup – November 3, 2009

What’s on the Economic Horizon

US Factory Orders Projected to Have Risen 1.1% in September
UK Construction PMI Expected to Rise
RBA: Interest Rate hike to 3.50%?

United States

The dollar lost some ground in yesterday’s trading session when better-than-expected economic reports from the US caused risk appetite to surge. Dollar sell-off proved to be short-lived, however, as it managed to retrace some of its losses when the initial selling frenzy faded out. More…

Euro zone

The EUR bounced back versus the greenback yesterday after falling in an almost vertical fashion last week. The fiber marked a high of 1.4846 before closing at 1.4766. Will the EUR close positively against the USD for a second day in a row this week? The RBA’s rate hike could provide an answer to question. More…

United Kingdom

Although the UK’s manufacturing PMI surged to a two-year high, the GBP ended lower against the USD. Strong US economic reports, which should’ve caused risk tolerance, were unable to keep the GBPUSD afloat. This means that traders are probably keeping a cautious stance ahead of the BOE’s monetary policy statement. More…

Japan

The JPY was scolded by its partners (USD, AUD, EUR, and GBP) as Japanese stocks yelled “Kamikaze!” and plummeted at their steepest pace in a month. Also, trouble seems to be brewing in their labor market as labor cash earnings marked their sixteenth straight month in declines. More…

Canada

Loonie action was loony yesterday, as trading was mixed. The USDCAD went up and down, before closing slightly lower at 1.0780. With not no data coming out today, could we see more of the same? More…

Australia

The Aussie dollar was able to stay afloat despite the rocky waves in Monday’s trading session. The AUDUSD pair finished the day higher at 0.9035, up more than 70 pips from its opening. More…

New Zealand

The Kiwi rallied back yesterday against the dollar after falling sharply last week. The NZDUSD pair climbed to as high as 0.7260 before closing at 0.7179. More…

Switzerland

The USD/CHF edged lower to 1.0200 yesterday when risk appetite gained some support from better-than-expected results from economic reports that came out of the US. More…