By FXEmpire.com
Analysis and Recommendation:
The USD/JPY is trading at 79.48, as risk aversion remains the overall market theme; the USD and JPY seem to be holding in a tight range between 80.00 and 79.00. Yesterday, Prime Minister Noda, calmed political uncertainties as he was able to muster enough votes to pass the controversial increase of consumption tax through the lower house. Markets were not sure if the Prime Minister would have the votes necessary and if he failed, he would have to call a No Confidence vote, opening a can of worms in the Japanese political arena.
Moody’s said that the passage was a credit positive move by the Japanese Parliament, as Japan was under review to be moved to a negative watch.
All market focus will be on the carnival called the EcoFin Summit, which will be all about news flow, political agendas and press coverage, with little results expected.
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 June 25-26, 2012 actual v. forecast
|
Date |
Time |
Currency |
Importance |
Event |
Actual |
Forecast |
Previous |
|
15:00 |
USD |
New Home Sales |
369K |
346K |
343K |
||
|
Jun. 26 |
07:00 |
EUR |
GfK German Consumer Climate |
5.8 |
5.6 |
5.7 |
|
|
15:00 |
USD |
CB Consumer Confidence |
62.0 |
63.5 |
64.4 |
||
|
23:45 |
NZD |
Trade Balance |
301M |
300M |
335M |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 28 |
1:00 |
NZD |
NBNZ Business Confidence |
27.1 |
|
Jun 29 |
12:30 |
USD |
Unemployment Claims |
|
|
12:30 |
USD |
Final GDP q/q |
1.9% |
|
|
22:45 |
NZD |
Building Consents m/m |
-7.2% |
|
|
23:30 |
JPY |
Household Spending y/y |
2.6% |
|
|
23:30 |
JPY |
Tokyo Core CPI y/y |
-0.8% |
|
|
23:50 |
JPY |
Prelim Industrial Production m/m |
-0.2% |
|
|
1:30 |
AUD |
Private Sector Credit m/m |
0.4% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.1% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.3% |
|
|
13:45 |
USD |
Chicago PMI |
52.7 |
|
|
13:55 |
USD |
Revised UoM Consumer Sentiment |
74.1 |
Upcoming Government Bond Auctions
Date Time Country
Jun 28 09:10 Italy
Jun 28 17:00 US
Click here for further USD/JPY Forecast.
Originally posted here
