Daily Economic Roundup – August 6, 2009

United States
There was more volatility in the markets yesterday, with some attempted intraday stampedes by dollar bulls. In the end, the market just overwhelmed them and took out their horns as dollar-selling bias reigned. The dollar dropped against most other majors, even falling to yearly lows against the GBP and NZD. More…

Euro-zone
Despite yesterday’s mixed economic data, the EUR swam sidewards against the USD and JPY. Will the European Central Bank’s interest rate decision today provide fuel for investors and cause the EUR to break out of its consolidation? More…

Japan
The JPY was mixed in yesterday’s trading as it encountered some major support at some notable psychological round levels. The Yen was pretty much ‘boxed’ throughout the day. Based on the short term price movements (1 hour), the JPY appears to be poised for a positive upswing. More…

United Kingdom
Again, the Sterling managed to move higher against the USD and the JPY in yesterday’s trading. Fueled by positive UK fundamentals, the GBP spiraled up during the Euro session. Its gains were, however, cut short as investors showed some tentativeness during the US session. More…

Canada
The Loonie started the day by heading north towards the 1.0800 mark but ended up taking a sharp U-turn at the end of the day. Remarks against the strength of the CAD resulted to the USD/CAD’s sharp rally, which turned out to be unsustainable. More…

Australia
Consolidation is still the theme for the Aussie’s price movement yesterday. After reporting a surprise improvement in its trade balance, Australia is now gearing up for employment data due early today. More…

New Zealand
The NZD held a steady tone versus the USD yesterday as it traded within a very tight 50 pip range. Economic data that came out failed to create any significant impact on the NZD’s price action. More…

Switzerland
Another round of consolidation for the USDCHF, as price action went up and down but remained within a tight range of about 80 pips. More…

Pipnoculars: What’s on the Economic Horizon
ECB Rate Decision on the Docket
More US Employment Data in Sight
CAD: Oil Targets New Yearly High