Daily Economic Roundup – August 10, 2009

United States

It was like the start of the New Year as the market indeed showed some fireworks with the release of the latest NFP report. The USD regained some its luster as it dimmed most the other major currencies in last Friday’s trading. Volatility was high especially upon the announcement of the NFP report. Its price swung by more than 60 pips against the EUR in both directions before the buyers finally muscled their way in to bring the price up. More…

Euro zone

Were you able to catch the fireworks last Friday? Word on the street is that the EUR/USD got burned! This pair was badly injured as it lost almost 300 pips after the US NFP data came out. More…

Japan

The yen lost out on Friday against the USD, as investors reverted to dollar buying right after the NFP report was released. Interestingly, the yen also lost against the euro – possibly because investors started moving their assets to the USD? Could this mean that investors consider the USD to be more “safe”? More…

United Kingdom

The pound lost for the second day in a row versus the dollar, as the dollar rallied across the board on better than expected employment data. The GBPUSD pair closed at 1.6683, after it had hit a new yearly high at 1.7031 last week. More…

Australia

Despite upbeat comments from the Reserve Bank of Australia, the AUD failed to hold its head above 0.8400 last Friday. It closed last week at 0.8357, exactly the same price as its week open price. Have buyers run out of steam? Will sellers take the lead this week? More…

Canada

Poor economic data that came out of Canada and positive US fundamentals gave the CAD a beating last Friday. The CAD began trading at 1.0766 against the USD in Asia and closed at the week at 1.0824. More…

New Zealand

No news is good news. This saying held true for the Kiwi, which was able to take advantage of the surge in risk tolerance and hold on to its gains last Friday. While most majors found themselves in a rally-then-reverse situation, the NZD/USD stood strong above the 0.6700 handle. More…

Switzerland

Like the other majors, the CHF got bullied the same in Friday’s class. Last Friday’s price action was like a candy being stolen away from the CHF by the much bigger USD. Not only did it bow before the USD but also to the other majors except the JPY. More…

Pipnoculars: What’s on the Economic Horizon

Euro zone Q2 GDP Spells Further EUR weakness?
NAB Business Confidence Survey to Show Positive Results
BoJ Interest Rate Decision Probably a Non-Event