By FXEmpire.com
Analysis and Recommendation:
The USD/JPY is trading at 79.75 in mid Asian trading. In Japan yesterday the Tankan manufacturing survey reports well above forecast, supporting the yen. The USD weakened in late NA trading after a disappointing ISM manufacturing report. This pair on the whole ignored eco data and were responding to the change from risk aversion to risk sentiment as investors moved to equities and commodities.
Gold and Oil and the global markets remained positive.
The pair are slowly pushing towards the 80.00 price level.
Continued worries over Prime Minister Noda’s collapsing government keeps markets on edge and the possibility of BoJ monetary easing or market intervention also loom.
US markets will be closed on July 4th for the holiday so by mid day in the US investors will begin to position themselves ahead of Thursday’s ECB rate announcement and Friday’s Nonfarm payroll data.
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 2 – 3, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul 2 |
USD |
ISM Manufacturing PMI |
49.7 |
52.1 |
53.5 |
|
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% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jul 4 |
1:30 |
AUD |
Retail sales |
0.3% |
-0.2% |
|
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 for further USD/JPY Forecast.
Originally posted here
