Daily Economic Roundup – October 26, 2009

United States

The greenback ended the previous week on a strong note as it showed resilience against other major currencies. Existing home sales posted a shocking 9.4% rise, signaling that consumers are much more confident with their financial standing and economic outlook. We’ll see whether this confidence is justified by the third quarter GDP report this week. More…

Japan

With the exception of the GBP/JPY, investors continued to take JPY crosses higher as the week came to a close last Friday. It seems that the recent JPY run is now over and a new trend is starting to form. More…

Euro zone

The euro weakened versus the dollar in Friday’s trading, as the dollar benefitted from a fall in equities. The EURUSD closed just below the key threshold of 1.5000. Was this merely another round of Friday profit taking? Or could this set the tone for this week? More…

United Kingdom

The pound gave up all its gains for the week when the preliminary report on UK’s gross domestic product came out off-target last Friday. The GBP/USD was trading just a few pips around 1.6600 and eventually fell to the 1.6400 price region when the GDP report showed that UK’s economy contracted 0.4% instead of growing 0.2% like initially predicted. More…

Canada

The Loonie wrapped last week on a weak note versus the dollar due to a broad-based decline in the US capitals markets. The USDCAD climbed to 1.0545 before closing at 1.0518. More…

Australia

The Aussie closed mixed against the two safe-haven currncies – the USD and the JPY. The AUD followed up on its uptrend over the yen as it went as high as 85.33 before closing at 84.91. It, however, closed negatively against the greenback. The AUDUSD pair fell to as low as 0.9200 before closing at 0.9222. More…

New Zealand

Make it three in a row! For the third consecutive Friday, the Kiwi fell, leaving the NZDUSD pair to close the week at 0.7541. More…

Switzerland

The USDCHF has been inching closer and closer to the 1.0000 mark, reviving concerns about the possibility of currency intervention by the SNB. Increased risk tolerance last week drove the USD lower against the CHF… Would USD weakness carry on for another week and bring the USDCHF to parity? More…

Pipnoculars: What’s on the Economic Horizon

US Third Quarter GDP Due Thursday
RBNZ Interest Rate Decision
Canada’s m/m GDP in August on Tap