Daily Economic Roundup – November 5, 2009

What’s on the Economic Horizon

All Eyes on ECB Rate Decision
BOE Expected to Expand QE Program
US Weekly Jobless Claims Probably Slowed to 523K

United States

With the exception of the JPY, most major currencies clobbered the USD after the release of the FOMC statement. Weak US economic data, which usually causes a USD rally from risk aversion, may have even crippled the USD. More…

Euro zone

The euro busted out its dancing shoes and left the USD and JPY dazzled in yesterday’s party. Risk appetite was the tune that flowed through the market. This helped push the EURUSD to end the day up at 1.4867, while the EURJPY touched as high as 135.70 before closing at 134.64. More…

Japan

The yen was sold-off furiously as risk appetite came back in full-force in the markets yesterday. The yen’s demise was caused by the rally in global equities as well as the increase in price of oil and gold. The IMF also added more fuel to the already growing risk appetite when they upgraded their outlook on China’s GDP. More…

United Kingdom

The pound made a convincing rally yesterday, as it climbed back above the 1.6500 price level against the dollar on account of better-than-expected data and increased risk appetite. More…

Canada

The Loonie is 3-up this week against the dollar, paring some of its losses last week. Yesterday, the USDCAD fell to a low of 1.0595 before closing at 1.0637. More…

Australia

Met by a significant technical support at 0.9000, the Aussie rallied past the greenback to close at 0.9099. Buying interests could send the pair higher especially now that its uptrend is well intact. More…

New Zealand

The Kiwi experienced was able to get to step in and take advantage of the USD sell off yesterday. High yielders had a field day, which left the NZDUSD closing at 0.7263. More…

Switzerland

The USDCHF’s tumble seemed unstoppable yesterday as weak US fundamentals and the FOMC statement failed to provide support for the greenback. The pair dropped from an intraday high of 1.0326 all the way down to a low of 1.0174. More…