Daily Economic Roundup – November 12, 2009

What’s on the Economic Horizon

Euro zone Industrial Production Could Climb 0.6%
Canadian NHPI Expected to Increase 0.2%
Budget Deficit Expected To Have Ballooned to $152.5 Billion in Oct

United States

Most of the majors turned on their snooze mode yesterday as the US observed Veterans Day. Given lack of economic flows, the USD was able to rebound against its counterparts to end the session. The USD Index, which measures the performance of the USD relative to a basket of currencies including the EUR, JPY, GBP, CAD, CHF and SEK, gained by as much as 0.3% before closing higher by 0.1%. More…

Euro zone

Hawkish comments from ECB officials buoyed the EURUSD above the 1.5000 mark. As the pair inched close to its yearly high, it fell sharply as the USD rallied on investors’ profit-taking. More…

United Kingdom

Ripppp! Cable got torn in yesterday’s action, as traders sold the pound on some comments made by the Bank of England. The GBPUSD pair fell almost 200 pips, falling all the way down to 1.6566. More…

Japan

The US holiday combined with a lack of any significant data kept yen pairs under wrap yesterday. The USDJPY and EURJPY pairs ranged once again, closing near their opening prices. More…

Canada

Canada’s bare economic calendar wasn’t able to keep USD/CAD bears at bay yesterday as the pair managed to edge lower. It opened Asia with its head a few pips above 1.0500 and fell as the European trading session rolled along, eventually closing the day at 1.0460. More…

Australia

The Aussie is doing it all again, marking a new set of yearly highs on account of better-than-expected economic data. The Aussie rallied all the way to 0.9370 when the employment change report printed unexpected results. More…

New Zealand

The NZDUSD seemed resilient to weaker than expected retail sales data as it stayed in a tight trading range. The pair found support at the 0.7390 area but was unable to bust out of the resistance around 0.7440. More…

Switzerland

The Swissy, for a moment, paid a visit to its yearly high contra the USD. The USDCHF went as low as 1.0035 before closing higher at 1.0100. A break below the yearly low at 1.0034 could mean parity for the two currencies. More…

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