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FXEmpire | July 20 2012 9:54 EDT
By FXEmpire.com
Analysis and Recommendations:
The GBP/USD is trading at 1.5671 as the pound could not hold at the 1.57 price level, sterling is weak, down 0.2% and a mid performer among the majors, as EU worries and domestic public finance data drive concern over the ability of the UK to meet its fiscal targets. Ongoing austerity and the drive to close the UKs structural deficit by 2017 have reduced growth, complicating the governments ability to collect tax revenues. Looking ahead, expectations for next weeks GDP figures are poor, with a median forecast of -0.2% q/q according to a Bloomberg survey of 31 market participants
The absence of data and a desire to pare risk ahead of the weekend is driving widespread USD strength as we approach the NA session. JPY is flat and outperforming on the crosses, while CAD, AUD & GBP are underperforming slightly. EUR is weak against all of the majors and declining as markets continue to focus on developments in Spain. There are no US data releases today, and headline risk is likely to be minimal in the absence of official meetings.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data July 20, 2012 actual v. forecast
Date | Time | Currency | Event | Actual | Forecast | Previous | ||||||||
Jul. 20 | 02:30 | AUD | Import Price Index (QoQ) | 2.4% | 1.5% | -1.2% | ||||||||
04:00 | NZD | Credit Card Spending (YoY) | 4.6% | 3.9% | ||||||||||
06:00 | EUR | Estonian PPI (MoM) | 0.00% | 0.00% | ||||||||||
07:00 | EUR | German PPI (MoM) | -0.4% | -0.2% | -0.3% | |||||||||
07:00 | EUR | German PPI (YoY) | 1.6% | 1.8% | 2.1% | |||||||||
08:00 | DKK | Danish Retail Sales (YoY) | -1.2% | -0.5% | ||||||||||
08:30 | EUR | Dutch Consumer Spending | -1.90 | -2.10 | ||||||||||
09:30 | GBP | Public Sector Net Borrowing | 12.1B | 11.0B | 16.1B | |||||||||
13:30 | CAD | Core CPI (MoM) | -0.4% | -0.1% | 0.2% | |||||||||
13:30 | CAD | CPI (MoM) | -0.4% | -0.1% | -0.1% | |||||||||
13:30 | CAD | CPI (YoY) | 1.5% | 2.0% | 1.2% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
Date | Time | Currency | Event | Previous |
Jul 24 | 7:00 | EUR | 45.2 | |
7:00 | EUR | 47.9 | ||
7:30 | EUR | 45.0 | ||
7:30 | EUR | 49.9 | ||
8:00 | EUR | 45.1 | ||
8:30 | GBP | 30.2K | ||
9:00 | EUR | 47.1 | ||
13:00 | USD | 52.5 | ||
Jul 25 | 8:00 | EUR | 105.3 | |
8:30 | GBP | -0.3% | ||
10:00 | GBP | -11 | ||
13:00 | EUR | -13.2 | ||
14:00 | USD | 369K | ||
14:30 | USD | |||
Jul 26 | 6:00 | EUR | 5.8 | |
8:00 | EUR | 2.9% | ||
12:30 | USD | 0.7% | ||
12:30 | USD | |||
14:00 | USD | 5.9% | ||
Jul 27 | 27th-31st | GBP | -0.6% | |
All Day | EUR | -0.1% | ||
7:00 | CHF | 1.16 | ||
12:30 | USD | 1.9% | ||
13:55 | USD | 72.0 |
Click here a current GBP/USD Chart.
Originally posted here
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