By FXEmpire.com
Analysis and Recommendations:
The GBP/USD is trading at 1.5646 after the Bank of England’s inflation report. In his statement BoE Governor King said that the bank was revising growth and inflation, the revised forecast have growth projections to -0.2% y/y on average during 2012 and reducing its near-term inflation projection to slightly higher than 2% by year end
In today’s BoE release the central bank and governor noted how difficult it is to navigate rough waters, lowered both the growth and inflation outlook, but noted that the risk to inflation are broadly balanced. Accordingly there was disappointment among traders who had expected the BoE to lay a firm foundation for another round of QE in November. In addition, Governor King noted that output has contracted, but the underlying is likely not as weak as the headline data suggests; with lots of erratic or temporary issues impacting the headlines.
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 August 8, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Aug. 08 |
JPY |
Adjusted Current Account |
0.77T |
0.75T |
0.28T |
|
AUD |
Home Loans (MoM) |
1.3% |
2.0% |
-0.9% |
|
|
CHF |
SECO Consumer Climate |
-17 |
-4 |
-8 |
|
|
GBP |
BoE Inflation Report |
||||
|
EUR |
German 10-Year Bund Auction |
1.420% |
1.310% |
||
|
EUR |
German Industrial Production (MoM) |
-0.9% |
-0.8% |
1.7% |
|
|
USD |
Nonfarm Productivity (QoQ) |
1.6% |
1.3% |
-0.5% |
|
|
USD |
Unit Labor Costs (QoQ) |
1.7% |
0.6% |
5.6% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Aug 9 |
8:00 |
EUR |
||
|
8:30 |
GBP |
-8.4B |
||
|
12:30 |
USD |
-48.7B |
||
|
12:30 |
USD |
|||
|
Aug 10 |
6:45 |
EUR |
-1.9% |
|
|
8:30 |
GBP |
-2.2% |
||
|
12:30 |
USD |
-2.7% |
||
|
18:00 |
USD |
-59.7B |
Government Bond Auctions
Date Time Country
Aug 09 15:30 Italy
Aug 09 17:00 US
Aug 10 10:00 Belgium
Aug 13 09:10 Italy
Aug 13 09:10 Norway
Aug 13 09:30 Germany
Aug 14 09:10 Greece
Aug 14 09:10 Italy
Aug 14 09:30 Belgium
Aug 14 14:30 UK
Aug 15 09:10 Sweden
Aug 16 09:30 UK
Aug 16 15:00 US
Click here to read GBP/USD Technical Analysis.
Originally posted here
