Daily Economic Roundup – November 1, 2010

What’s on the Economic Horizon

U.S. Dollar’s Direction to be Determined by Fed’s Decision?
U.K.’s Manufacturing PMI to Drop to 54.0 in October
RBA Expected to Keep Rates Steady at 4.50%

United States

The dollar bears are at it again! After letting the dollar regain some of its losses early on last week, the bears sold it off quickly once it got to “too expensive” levels. Sell high as traders say! More…

Euro zone

Oomph! The euro took combo-like hits against its major counterparts last Friday after not-so-stellar economic data and worries on the region’s sovereign debts attracted currency bears like sweet honey. More…

United Kingdom

Like my brotha Nelly, the pound was left wondering last Friday if its gains early last week was just a dream. It might have gained 84 pips on the greenback at 1.6024, but it was no match for the euro with a 10-pip loss at 1.8685 and a 22-pip loss against the yen at 128.95. More…

Japan

Was it just sugar rush, or did I see the yen rise further in the pip charts?! Despite printing less-than-encouraging economic reports last Thursday, the currency bulls flocked the yen like a sugarhouse to a bunch of trick-or-treatin’ kids last Friday on increasing concerns in the global economic growth. USD/JPY got closer to the psychological 80.0 handle after it staged a 57-pip drop at 80.47. Meanwhile, EUR/JPY plunged by 87 pips at 112.00. More…

Canada

At first, the Loonie looked as though it was going to edge lower down the charts last Friday. But midway into the London session, the release of reports from Canada and the U.S. re-energized the bulls and helped them claim victory for the day. USD/CAD entered the weekend at 1.0201 after hitting an intraday high of 1.0249. More…

Australia

Whew! That was close! The Aussie managed to stage another win against the dollar last Friday despite the not-so-stellar economic data from the Land Down Under. AUD/USD dropped 108 pips from its open price at .9679 before ending the week at .9797. More…

New Zealand

The way the Kiwi acted on the charts last Friday got me jammin’ to some old school beats from Montell Jordan, son! “This is how we do it!” NZD/USD zoomed up from its opening price of .7539 to hit a new two-year high at .7651 before finally settling at .7524. More…

Switzerland

The Swissy found itself holding on to the shorter end of the stick last week as it continue to fall against the Greenback. USD/CHF ended Friday at .9840, up around 90 pips from its week open price. More…