Daily Economic Roundup – October 23, 2009

United States

It appeared that the dollar was going to be up for the day, as it traded higher during the earlier sessions. However, the USD fell against other majors as risk appetite seems to have been boosted by better than expected earnings reports released in the US. With it being a Friday, could we see another run of profit taking to end the week? More…

Euro zone

It seems that buying support remains strong in the EUR/USD as it traded in a U-shaped manner in yesterday’s trading session. The pair dipped during the afternoon Asian session but managed to fight back and end positively against the dollar once the European session rolled along. More…

United Kingdom

After sliding during the euro session, the pound was able to finish strong and close positive against the dollar and the yen in yesterday’s price action. The cable sunk to as low as 1.6487 before closing at 1.6622. Similarly, the GBPJPY pair also slid to a low of 150.57 before closing at 151.73. More…

Japan

The yen surrendered before the other majors in yesterday’s currency battle due to a broad-based confidence in the markets. Fired by encouraging profits from several Dow component firms in the US, investors were prompted to leave the safety of yen for equities and other higher yielding currencies. More…

Canada

The USDCAD was unable to decide which direction to take yesterday as it bounced up and down from the 1.0450 and 1.0530 levels. Economic data from Canada was on the optimistic side as retail sales came in better than expected. However, the CAD returned its gains as BOC Governor Mark Carney hinted that the BOC would curb the CAD strength if it continues to rise and hurt their economy. More…

Australia

With China, Australia’s major trade partner, posting an amazing 8.9% economic growth, you’d think that the AUD would shoot all the way up… Instead, the AUDUSD fell to 0.9200 and the AUDJPY dropped to 84.00 as traders focused on the fact that Chinese GDP failed to meet the consensus of 9.1% growth. More…

New Zealand

The Kiwi, like most major currencies, fell initially during the Asian session when risk appetite faded but gussied up and rallied during the US session. It closed at 0.7590, just ten pips higher from its Asian opening price. More…

Switzerland

The CHF seems poised to reach parity with the dollar, as it finished higher against the USD once again. The pair closed at 1.0041 – could today be the day it reaches 1.000? More…

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