Daily Economic Roundup – November 4, 2009

What’s on the Economic Horizon

Traders Gearing Up for FOMC Statement
UK Services PMI on Tap Today
Unemployment in New Zealand to Worsen to 6.4%

United States

Mixed trading in yesterdays action, as the USD finished higher against the EUR and CHF, but lost out against the GBP and CAD. It seems that traders are gearing up for the FOMC statement – could we be in for some explosive moves later today? More…

Euro zone

It seems EURUSD’s move last Monday was simply a pullback as it gave the chance for bears to sell the pair at a more expensive price. After topping out around the 1.4800 region in Asia, the EURUSD fell more than 150 pips before finding some buyer support. The pair closed the US session at 1.4712. More…

United Kingdom

The pound was able to net a modest gain contra the dollar and the yen after a mixed trading yesterday. The cable closed 1.6413 from an opening of 1.6396. The GBPJPY, on the other hand, also closed slightly higher at 148.29 after opening at 148.12. More…

Japan

Like most of the other majors, the yen was virtually directionless in yesterday’s foreign exchange wars. It closed somewhat higher over the AUD, CHF, and EUR but closed a bit lower than the CAD, GBP, NZD, and USD. More…

Canada

The Loonie seemed uneasy yesterday as it kept shifting its stance against the Greenback. Economic data from Canada and the US was scarce, which is probably why the USDCAD was unable to take a clear direction. More…

Australia

Risk aversion was on such a rampage yesterday that even a 25 basis point interest rate hike from the RBA was not enough to push the AUDUSD higher. Also, comments from RBA officials suggesting that the central bank would pause from hiking rates in December weighed down the AUD. More…

New Zealand

Trading was mixed yesterday as the Kiwi initially fell during the European session but managed to fight back once the US session came rolling along. More…

Switzerland

The USDCHF attempted to break for new highs as the dollar benefitted from a run of risk aversion in intraday trading. The USDCHF rose to as high as 1.0339, before giving up much of its gains during the US session and ultimately closed at 1.0269. More…

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