By FXEmpire.com
Analysis and Recommendation:
The USD/JPY remains in a tight range trading at 79.77 as US markets are closed for the Independence Day holiday. Traders were positioning themselves before the holiday to be prepared for the ECB and BoE rate announcements on Thursday and the US Nonfarm payroll report due on Friday. Negative eco data continues to plague the Japanese economy, where a boost to the Tankan report earlier helped support the JPY, an under forecast report on average earnings continued to weakened the yen. The pair have remained in the upper 79 level all week. JPY is weaker, down 0.4% from yesterday’s close as market participants reverse safe haven flows in favor of risk assets. The shift is being driven by expectations of wide-spread easing from central banks, given yesterday’s PMI data that underlined the global nature of the recent deceleration in growth
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 Jul 3 – 4, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul 3 |
AUD |
Building Approvals m/m |
27.3% |
5.1% |
-7.6% |
|
JPY |
Average Cash Earnings y/y |
-0.8% |
0.6% |
0.2% |
|
|
AUD |
Cash Rate |
3.50% |
3.50% |
3.50% |
|
|
USD |
Factory Orders m/m |
0.7% |
0.1% |
-0.7% |
|
|
AUD |
AIG Services Index |
48.8 |
43.5 |
||
|
Jul 4 |
AUD |
Retail Sales m/m |
0.5% |
0.3% |
0.1% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jul 5 |
1:30 |
AUD |
Trade Balance |
-0.51B |
-0.20B |
|
12:15 |
USD |
ADP Non-Farm Employment Change |
101K |
133K |
|
|
12:30 |
USD |
Unemployment Claims |
385K |
386K |
|
|
14:00 |
USD |
ISM Non-Manufacturing PMI |
53.1 |
53.7 |
|
|
15:00 |
USD |
Crude Oil Inventories |
-0.1M |
||
|
Jul 6 |
12:30 |
USD |
Non-Farm Employment Change |
92K |
69K |
|
12:30 |
USD |
Unemployment Rate |
8.2% |
8.2% |
Click here to read USD/JPY Technical Analysis.
Originally posted here
