Positive glimmers among light data kept traders engaged this forex trading week. Commodities rocked and equities rose on general risk acceptance. Corporate earnings season could well drive markets next week. Several majors set new 2009 highs versus USD and gold set historic highs four days straight.

The RBA astonished markets with a 25bp rate hike, then looked fairly clever next day when September employment gained 40.6K jobs and the rate fell to 5.7%. September PMIs printed 49.3 services, 50.8 construction, and the August trade deficit narrowed to AU$1524Mn, less than markets anticipated. AUD/USD continued to climb within its regression channel, drawn from 14 July, rising 4.4% to a new 2009 high of 0.9089 before closing at 0.9036.

U.S. August consumer credit shrank by US$12.0Bn, the trade balance by US$30.7Bn, and jobless claims for the week ending 3 October by 521K. September PMI services broke the 50 level at 50.9.

The ECB left rates steady at 1.0%, as expected. The second estimate of 2Q2009 GDP was lowered to −0.2% q/q, −4.8% y/y, with household consumption and gross fixed capital estimates going down, government expenditure going up. August retail sales fell −0.2% m/m, −2.6% y/y. September PMIs printed 50.9 services, 51.1 composite, and Sentix investor confidence improved to −12.6. EUR/USD also continued rising within a regression channel, drawn from 15 June, but could not break 2009 highs, closing at 1.4708.

The BoE also left rates on hold, at 0.50%, as well as their QE levels. September PPI printed input −0.5% m/m, −6.5% y/y, output 0.5% m/m, 0.4% y/y, and output core 0.5% m/m, 1.4% y/y. August visible trade deficit narrowed to £6240Bn, September PMI services expanded to 55.3, and September consumer confidence rose to 71. But August industrial production fell −2.5% m/m, −11.2% y/y, manufacturing production −1.9% m/m, −11.3% y/y, and the NIESR estimate of September GDP printed flat with the August estimate reduced to 0.1% m/m. Sterling sank through support-resistance in the week, with GBP/USD breaking 1.5900 to close at 1.5844 and EUR/GBP breaking 0.9270 to close at 0.9280.

Canada’s September employment gained 30.6K jobs and the rate dropped to 8.4%. September Ivey PMI surged to 61.7, 3Q2009 business outlook future sales to 53. USD/CAD on 28 September entered a bearish deviation channel, and it traded down 3.6% in the week to close at the lowest level since September 2008, 1.0442. AUD/CAD rose on Australian employment data then fell on the Canadian, touching a new 2009 high at 0.9575 then closing at 0.9435.

New Zealand’s 3Q2009 NZIER business opinion survey jumped to 36 from −25 and the September commodity price index to 6.8% m/m. NZD/USD also set a new 2009 high at 0.7452 before closing at 0.7346. AUD/NZD surged to the top of its deviation channel, drawn from 22 May, closing within at 1.2292.

Japan’s August leading index improved to 83.3, the coincident to 91.4. The August BoP narrowed to ¥303.7Bn, the current account total to ¥1171.2Bn, and the September EcoWatchers survey showed improvement in both current assessment and outlook. With repatriation flows ending, the yen retreated from previous strength. USD/JPY maintained its heavy tone, but closed at 89.77. EUR/JPY and AUD/JPY both lightened up and broke above ranges, EUR/JPY closing at 132.04. AUD/JPY broke resistance at 80.40, closing at 81.12.