Daily Economic Round Up – July 6, 2009

United States

Welcome back! How was your 4th of July? Well, the USD also took an Independence Day holiday from its strong rally last week as the EUR and commodity currencies staged a modest recovery. The week ahead promises to be relatively light – in terms of economic data, that is. Major economic data in store for the US include ISM non-manufacturing PMI due today and trade balance data due on Friday. More daily US commentary…

Eurozone

The EUR continued to fall against the USD last Fr iday, as the EURUSD closed slightly lower. Still, it was generally a pretty slow day in the markets after all action on Thursday and with the US starting its holiday weekend. More daily Euro commentary…

Japan

Yen trading was particularly reserved, just like most major currencies, as the US heads into its long Fourth of July weekend… Versus the dollar, the yen closed the week at 96.15 price level from its 95.81 open during the Asian session. Japan’s economic cupboard was completely bare last Friday, which also muted any movement in the currency’s price action. More daily Japan commentary…

United Kingdom

The usual volatility of the GBP was nowhere to be found last Friday as US celebrated its long Fourth of July weekend. The GBP just traded in a relatively tight 120 pip range. More daily UK commentary…

Canada

If the CAD was a beer, it would be “light.” That’s exactly how the CAD was last Friday as it crawled its way through a 90-150 pip range. You might wonder if the CAD took a pint more of those pale ales to end up ‘mixed’ and crawling. More daily Canada commentary…

Australia

The AUD took a med kit and recovered some of its Thursday damages as it closed on the positive end against the other majors. Trading of the AUD was, however, constrained within a 100-pip range as the Americans popped their booze and lighted their fireworks to celebrate their independence day. More daily Australia commentary…

New Zealand

The Kiwi posted some small gains against the USD after 3 consecutive days of losses. The NZD had fallen over 250 pips from the weekly high as the dollar rallied throughout the week. More daily NZ commentary…

Switzerland

After bowing down to the USD on weak NFP data, the USD/CHF ended the week in range-bound movement as US traders sauntered off to an early weekend. Risk aversion was the main factor in driving the CHF lower – to the delight of the SNB – but would the same risk sentiment linger in the currency markets this week? More daily Swiss commentary…