Daily Economic Roundup – September 24, 2009

United States

The USD was taken for a wild ride yesterday as the Fed said left benchmark interest rates steady at 0.25% and maintained the size of its asset buying programs. Investors sold the dollar after the announcement but the currency found support quickly when the initial selling frenzy ended. More…

Euro zone

The EUR came in to disappoint yesterday as it slumped against both the greenback and the yen. The EURUSD actually hit a new high at 1.4843, before the USD rallied late in the US session, causing the pair to close significantly lower at 1.4742. More…

United Kingdom

The pound let out a sigh of relief as the monetary policy committee voted unanimously to leave rates and their quantitative easing measures at their current levels. The optimistic US FOMC statement also pushed the GBPUSD to trade above the 1.6400 level. However, the GBPUSD erased some of its gains when the USD reversed its course at the end of the US session. More…

Japan

The JPY stumbled across the charts as it traded mixed against the USD, GBP, and AUD. The US FOMC statement sparked a bit of risk tolerance, forcing the JPY to give way to other major currencies. It’s a good thing Japan’s trade balance came in better than expected, otherwise the JPY wouldn’t have been able to recover some of its losses. More…

Canada

Lots of up and down movement on the Loonie yesterday, although ranges pretty much held. The USDCAD closed higher at 1.0753, as we saw oil prices fall below $69 per barrel. More…

Australia

The AUDUSD rose sharply yesterday and was poised to break through the .8800 handle, before it came crashing down as the USD benefitted during the aftermath of the Fed’s FOMC report. While the pair set a new yearly high, it ended on a sour note for the day, closing lower at .8704. More…

New Zealand

It was a crazy day for the Kiwi yesterday as it swung wildly on both sides. It started the day with a blast when it zoomed against the JPY and the USD during the early part of the Asia session. Its gains, however, was short lived and was completely reversed upon the release of the FOMC statement. More…

Switzerland

The USDCHF just bounced around a 75 pip range yesterday as traders ponder where to take the pair next. The pair has been consistently making new lows and if this keeps up 1.0000 seems like a very plausible target for CHF bulls. More…

Pipnoculars: What’s on the Economic Horizon

US Existing Home Sales to Rise Fifth Straight Month
BOJ MPC Minutes on tap
German Ifo Business Climate expected to rise