Daily Economic Roundup – September 2, 2009

United States

Spurred by increased risk aversion, the USD managed to rally furiously against most major currencies yesterday. The usual expectation that better-than-expected data coming out of the US would cause a USD sell-off failed to materialize. More…

Euro zone

The EUR tripped and fell in yesterday’s trading despite some good economic results in both the euro zone and the US. The EUR fell to 1.4218 from 1.4337 against the USD. It also closed down to 132.04 from 133.39 versus the JPY. More…

Japan

Risk aversion dominated for the first day of September with both USD and JPY flexing their safe-haven muscles. Yen crosses fell yesterday as investors dumped higher-yielding currencies on concerns about the state of the Chinese economy. More…

United Kingdom

What a way to welcome the month! The pound bowed down to both the greenback and the yen as the British manufacturing industry contracted once again. Also, growing concerns about the fate of the Chinese economy ushered in risk aversion and drove the pound even lower. More…

Canada

The USDCAD rose for the 3rd day in a row, as a US equities and oil prices fell during the US session yesterday. The pair ended trading at 1.1040. Could today be the day that the pair finally breaks past 1.1100? More…

Australia

The Aussie dollar got wiped out in yesterdays surfing… trading session, as surprises on both the local and US fronts rocked AUD trading. The AUDUSD pair seemed poised to test the yearly high at .8279, before it dropped off and ended the day at .8266. More…

New Zealand

The Kiwi was like humpty dumpty yesterday as it fell and cracked after breaking down from its consolidation. The NZD/USD and NZD/JPY pairs were just ranging for the most part of yesterday. It, however, made a nosedive during the mid part of the US session. More…

Switzerland

Poor Swissy. Despite optimistic results from economic data that was released yesterday, the currency was still sold off versus the dollar. More…

Pipnoculars: What’s on the Economic Horizon

Event Risk for Today: The ADP Non-farm Employment Change

Euro zone: No revisions expected for 2Q GDP

GBP to Recover on Stronger Construction PMI?