Daily Economic Roundup – October 7, 2010

What’s on the Economic Horizon

ECB to shed light on Exit Strategy?
BOE Rate Decision at 11:00 am GMT
U.S. Weekly Unemployment Claims on deck

United States

Holy smokes Forex Gump, what is going on with the dollar? The dollar took a hit yet again yesterday, as anti-dollar sentiment seems to be growing by the day. EUR/USD broke past the 1.3900 handle yesterday and I can’t help but ask, will we see a test of 1.4000 by the end of the week? More…

Euro zone

The euro just can’t, won’t, don’t stop yo! Once again, it had its way with the dollar as EUR/USD leapt to new heights. The pair was chillin’ and pretty much traded sideways at the start of the day. It only started its ascent when the New York session began. It eventually closed exactly 100 pips higher for the day at 1.3936. More…

United Kingdom

Threats of austerity measures got the better of the pound yesterday when the lack of reports from the U.K. inspired the pound bears to party in the pip streets. GBP/JPY dropped by 48 pips at 131.75. Meanwhile, GBP/USD leveled off to a 2-pip loss after hitting an intraday low of 1.5834. More…

Japan

What intervention?! Continued dollar weakness pushed USD/JPY back to its pre-currency intervention levels, dipping to an intraday low of 82.76 before ending the day 28 pips lower at 82.92. More…

Canada

Throw your hands in the air and wave ’em like you just don’t care if you’re rooting for the Loonie! All it needed to forge a new 5-month high against the Greenback was a positive Ivey PMI report. USD/CAD plummeted 64 pips for the day to finish at 1.0109 after it had hit an intraday low of 1.0063. More…

Australia

Is that the all-time high I see AUD/USD threatening right now? Thanks to some sweet employment data released earlier today, the Aussie has shot up and is now testing the all-time high at .9850 as I write! More…

New Zealand

Score another one for the comdoll connection! Continued weakness of the dollar pushed commodity dollars like the Kiwi higher against its U.S. counterpart yesterday. Despite the lack of reports in New Zealand, NZD/USD capped the day 37 pips higher at .7522. More…

Switzerland

The lack of reports from Switzerland didn’t stop the franc from gaining ground against the dollar yesterday. It was a normal day at the office for USD/CHF as it continued its downtrend and closed at .9611 to chalk up a 59-pip slide for the day. More…