Daily Economic Roundup – July 29, 2009

United States

The USD picked up some slack as it closed the day colored “green” against most of the other majors except those in the pacific (JPY, AUD, and NZD). The USD made a late rally against the pacific boys but it already dug itself a very deep hole. Nonetheless, it showed some resiliency as it managed to erase its early losses and even gained against likes of the EUR, GBP, CHF, and CAD. More…

Euro zone

The EUR/USD started the day with an ascent towards the 1.4300 handle but found itself tumbling down after weak earnings reports and a disappointing consumer confidence reading from the US triggered a risk aversion comeback. No major economic reports were released from the Euro-zone yesterday. More…

Japan

Yatta!!! That’s Japanese for I did it! The yen rallied impressively yesterday, making strong gains against the USD and EUR during the latter sessions of the day. The USDJPY closed at 94.57 while the EURJPY dropped around 300 pips after testing the 136.00 handle! The pair eventually closed at 134.02. Does this signal the end of the recent rally? Or will traders see it as a pullback and as an opportunity for further yen selling? More…

United Kingdom

More range bound motion for the pound yesterday, which lost slightly against the USD as the dollar generally gained across the board. The GBPUSD pair closed slightly lower at 1.6439. Still, the pair cant seem to break past the 1.6400. Will today’s action lead to break out of the consolidation area between 1.6550 and 1.6400? More…


Australia

Reserve Bank of Australia Governor Glenn Stevens finally gave AUD bulls to take the pair to new yearly highs yesterday. His extremely hawkish comments took the AUD all the way to 0.8338 versus the USD before retracing some of its gains during the US session. More…


Canada

The CAD failed to make significant headway against the USD even after making a new monthly high yesterday. It seems that CAD bears are persistent in keeping the pair’s yearly high intact. This kept the USDCAD pair pretty much range bound as it closed the US session at 1.0828, just a few pips higher from its 1.0812 Asian open. Canada’s empty economic calendar also kept price action dependent on risk appetite. More…

New Zealand

The Kiwi saw some fast and furious movements yesterday. Despite a sharp deterioration in New Zealand’s trade balance, the NZD rallied alongside the AUD. As the day drew to a close, the NZD returned its gains as risk aversion revisited the markets. More…

Switzerland

The CHF bowed to the USD in yesterday’s trading due to the resumption of risk aversion in the US capitals markets. The CHF, however, closed mixed against the other major currencies. More…

Pipnoculars: What’s on the Economic Horizon


AUD Soars on RBA’s Hawkish Comments

RBNZ’s Rate Decision and Business Confidence Report on the Docket
Durable Goods Order to Pound USD?