Daily Economic Roundup – November 11, 2009

What’s on the Economic Horizon

Volatile GBP Ahead: Labor Market Statistics and Inflation Report on Tap
NZD: Retail Sales Due Late Tonight
US Veterans Day Holiday: Light Volatility Ahead?

United States

Ho hum, quiet trading for most of the majors yesterday. Save for the USDCAD and GBPUSD, the rest of the pairs were range-bound since the US economic schedule was relatively light. Still, the USD was able to lock in humble gains as investors took some profits off the table. More…

Euro zone

Relatively quiet Monday on the European front yesterday, as traders kept EUR pairs in check yesterday. The EURUSD bounced between a tight range of about 70 pips for most of the day. Could yesterday’s consolidation lead to a breakout today? More…

Japan

The lack of any fundamental catalyst kept yen pairs in trading in tight ranges yesterday. Japan’s economic calendar is once again empty of any important release today so expect the yen’s price action to be largely dependent on risk sentiment. More…

United Kingdom

The pound took an early hit yesterday when Fitch commented on the possibility of a downgrade in UK’s “AAA” sovereign rating. The GBP/USD was trading just a few pips below 1.6800 prior the comment and dropped to a low of 1.6602 before creeping up slowly to 1.6700 as the day went by. More…

Canada

The CAD moved sideways for the most part of yesterday before making a late push to close higher than the USD. The USDCAD pair fell to a low of 1.0488 but closed at 1.0500. More…

Australia

The Aussie flirted again with its yearly high in yesterday’s trading. The AUDUSD, however, fell short and closed at 0.9302. In any case, it is possible for the pair to set a new yearly high since its longer term uptrend is still very much intact. More…

New Zealand

There was some hesitance to bring the Kiwi higher yesterday, as traders left the NZDUSD stuck in the mud. Kiwi trading was tight, which left the pair to close at 0.7418, just a few pips from its opening for the day. More…

Switzerland

The USDCHF was stuck in a 50-pip range as it bounced up and down from support at 1.0060 and resistance at 1.0110. The US economic schedule was relatively light yesterday while Switzerland’s was free from any reports. More…