Daily Economic Roundup – November 24, 2009

What’s on the Economic Horizon

UK Inflation Hearings on the Playlist
German Ifo Business Climate to Improve
US 3Q GDP to be Revised Down to 2.9%?

United States

Better-than-expected US existing home sales plus some dovish comments by two Fed officials stirred a USD sell-off in yesterday’s trading. The USD fell across the board, with the dollar index closing at a 0.6% loss. More…

Euro zone

The EUR managed to edge higher against the safe-havens USD and JPY yesterday as PMI figures from euro zone came in strong. The EURUSD pair zoomed all the way up to retest the 1.5000 handle but the upward momentum cooled towards the end of the US session. More…

United Kingdom

Bounce back Monday, as the cable was able to make up for some of the lost ground it made last week. The pair closed over a hundred pips higher, ending the day at 1.6618 as risk appetite was the theme across the board. When will traders make up their mind?! More…

Japan

Tough day at work for the yen, as it got overlooked by traders who were risk hungry yesterday. The yen stumbled against the EUR and GBP, as high yielding assets were in demand. More…

Canada

After four days of losing, the Loonie finally had managed to show some strength in yesterday’s trading session. The USDCAD, after hitting a high of 1.0730 during the Asian session, was sold off convincingly and headed back towards the 1.0550 region. More…

Australia

It was a wonderful day for Aussie bulls yesterday as the long-term uptrend remained intact. The Aussie, upon hitting the 0.9100-0.9150 region, quickly staged a stellar rally and ended the US session almost 150 pips higher from its lowest point during the Asian trading session. More…

New Zealand

The Kiwi was able to recover some of last week’s losses as it soared higher against the greenback yesterday. Despite the drop in New Zealand’s visitor arrivals, the Kiwi was able to draw strength from the rise in commodity prices and the sharp rise in Canadian retail sales. More…

Switzerland

The Swissy snapped its two-day slump as it rallied against the USD in yesterday’s price tug-o-war. The USDCHF pair fell to as low as 1.0072 before closing at 1.0096. 1.0034 appears to be a critical support for the pair. We could probably see parity between the two currencies if the pair breaches the mentioned level. More…