Daily Economic Roundup – November 2, 2010

What’s on the Economic Horizon

Mid-term Elections
RBA interest rates expected to remain at 4.50%
Halifax HPI to Bounce Up?

United States

Mixed economic data from the U.S. yesterday got the pip-DJs fallin’ in love with the dollar as they push the greenback higher against its major counterparts. EUR/USD dipped to an intraday low of 1.3863 before ending the day 70 pips lower at 1.3893. Meanwhile, USD/JPY spiked to an intraday high of 81.41 in seconds during the Asian session, but ended the day only 20 pips higher at 80.51. More…

Euro zone

“Try and try until you succeed,” my old man always says. EUR/USD could learn a thing or two from him. Action on EUR/USD yesterday saw another failed retest of the 1.4000 psychological handle. At the end of the day, EUR/USD closed at 1.3893, down from its opening price of 1.3963. More…

United Kingdom

“It was the best of times, it was the worst of times.” Looking at yesterday’s charts, I see the pound seems to have taken a page out of Charles Dickens’ book. It experienced both ups and downs yesterday! GBP/USD formed a virtual doji as it settled just 12 pips lower for the day at 1.6036, after hitting an high of 1.6090 and a low of 1.5992. On the other hand, GBP/JPY had flown to as high as 128.87 before sellers erased its gains and pushed it back down to close at 129.10, just 23 pips higher for the day. More…

Japan

The yen started the week with a bang yesterday when it dropped sharply against its counterparts in a matter of seconds during the early Asian trading session. The yen gained 27 pips on the euro at 111.86, but lost 20 pips on the dollar at 80.51 after pulling a fast one on the markets with its spike to 130.37. More…

Canada

Yes, the dollar rose across the board… except against the Canadian dollar that is! USD/CAD managed to scrape its way 36 pips lower to close at 1.0153. How did the Loonie bears manage that? More…

Australia

The Aussie gained on the dollar for the third day in a row yesterday despite the worse-than-expected reports were released from the Land Down Under. AUD/USD dropped to an intraday low of .9816 before ending the day with a 17-pip gain at .9871. More…

New Zealand

Kiwi’s pretty fly for a small guy, don’t you think? Thanks to a couple of bull-friendly reports, the Kiwi capped off another victory against the USD yesterday. After gapping up over the weekend and opening at .7659, NZD/USD closed at .7672. What a great start to the month! More…

Switzerland

The franc fell victim to the bulls rampage yesterday, as dollar strength was the name of the game. USD/CHF shot up almost 100 pips from its opening price, but failed to close above major resistance. Is it only a matter of time before we head back to parity? More…