Daily Economic Roundup – August 13, 2009

United States

Fundamentals or risk sentiment? These two forces seem to be playing a tug-of-war on the USD. We’ve witnessed a high degree of volatility after yesterday’s FOMC statement, which confirmed that the US economy is slowly recovering. At first, the USD rallied aggressively… only to retreat just as quickly. More…

Euro zone

The euro strikes back! The euro gained against the dollar, as the USD slid right before the release of the FOMC statement. As expected, we saw major volatility upon the release of the statement. Initially, it looked like sellers were dominating as the EURUSD pair dropped, but buyers pushed the pair right back up. The pair was able to avoid giving up its winning, ending the day at 1.4212. More…

Japan

The JPY finally found resistance versus the USD and its other crosses after two days of gains in yesterday day’s trading session. The bank said in its monthly report yesterday that economic conditions have stopped worsening and is likely to turn upward in time, spurring a bit of risk-taking. More…

Australia

For a moment there I thought that the other day’s slump would mark the start of AUD’s demise. I can’t say with exact precision what will happen to the AUD but it seems like its most recent drop was just a ‘healthy’ correction. The AUD, yesterday, bounced back from the 38.2% Fibonacci retracement level of the uptrend that started during the first week of July. More…

Canada

The CAD’s price action (versus the USD and JPY) during the week was very reminiscent of the AUD’s movement. After rising for a little more than a month now, the CAD had a little set-back the other day as it slipped below its uptrend line. Similarly, it was able to spring up from the trend’s 38.2% Fibonacci level. More…

New Zealand

For a moment yesterday, it seemed like the NZD was going to flow downstream for the 2nd day in a row. However, with a change of the current, the NZD found itself swimming upstream, as dollar weakness midway through the European session boosted higher yielding currencies. The Kiwi closed the day at 0.6730, after it had hit a low of 0.6600. More…

Switzerland

For the most part, the USD/CHF slid down in a slow but steady pace yesterday. After hitting the 1.0850 mark, the pair tumbled to a low of 1.0773. It then jolted to a rally-then-reverse mode towards the end of the day. More…

Pipnoculars: What’s on the Economic Horizon

US Retail Sales, Jobless Claims: Another Set of Fireworks?
EUR: 2Q GDP to be Released Today

Forex News
Forex Reviews
Forex Trading Journal
Forex Q&A