Daily Economic Roundup – October 19, 2009

United States

The dollar found some breathing room in Friday’s trading session, as it probably benefited from some profit taking to end the week, as well as some poor earnings reports from General Electric and Bank of America. Could this set the tone for some pro-USD movement this week? More…

Euro zone

The euro fell against the dollar last Friday as market’s appetite for risk took a pause. The EUR/USD pair closed the week at 1.4892, more than 50 pips lower from its Asian open at 1.4936. More…

United Kingdom

The pound made a stellar rally against greenback in last week’s trading as it rose all the way to 1.6400 after marking its 4-month low at 1.5708 last October 13. Aside from the cable, the other pound crosses also made a huge comeback with the GBPJPY reaching a high of 149.33 from a low of 141.19. That’s a little more than 800 pips! Wow. More…

Japan

The yen lost its appeal for the most part of last week as encouraging earnings reports from the US led investors to favor higher yielding currencies. Both the AUDJPY and NZDJPY touched a new yearly high. The AUDJPY pair reached a high of 84.23 before closing at 83.36. The NZDJPY pair, on the other hand, also stretched to a high of 68.15 before closing at 67.18. More…

Canada

The loonie bowed down to the greenback last Friday as Canada’s CPI failed to meet expectations, marking its longest streak in declines since 1953. This week, the loonie gears up for some volatility ahead of the BOC rate statement. More…

Australia

After its impressive two-week rally, the AUD paused to catch its breath last Friday as it ended lower against the USD. That day, the AUDUSD pair hit a new yearly high of 0.9271 before taking a sharp dive and reaching an intraday low of 0.9124. More…

New Zealand

The Kiwi staged a major 150-pip fall against the greenback as traders took profit for the week last Friday. However, looking at how the dollar has been sold off furiously throughout the week, the move downwards was most likely a correction than the start of the new trend. More…

Switzerland

The Swissy lost some ground against the USD, as it got caught up in a strong dollar move. The pair closed the week at 1.0187, after it had tested as low as 1.0120 within the week. More…

Pipnoculars: What’s on the Economic Horizon

Big Ben Bernanke To Talk at Asian Economic Policy Forum
BOC To Hold Rates Steady on Tuesday
BOE MPC Minutes, Retail Sales, Preliminary GDP on Tap
German Ifo Business Climate Due This Week