By FXEmpire.com
Analysis and Recommendations:
The EUR/CHF is a sad sad sad story. The pair did show a few second of life today moving up as high as 1.2020 but fell back to their permanent home at 1.2010 where they lie and do nothing. The bears should be able to push the euro down, but the SNB floor is holding tight, so they sit and are oblivious to the disasters around them.
As an as expected Spanish GDP decline of 0.3%q/q in Q1; the beginning of a bank loan portfolio review in Spain; ongoing stories of potential bank runs in Greece, including a EUR700m bank deposit drop; an announcement from the ECB that they will stop accepting the collateral of some Greek banks (however these same banks can now turn to their federal central bank for liquidity); President Draghi’s comments that they will not compromise its principles to prevent a Greek exit; a suggestion that the ECB will not make any policy changes at the June meeting and will not make changes to the LTRO or SMP unless there is a new shock; speculation over what the May 23rd EU summit might yield.
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 May 17, 2012 actual v. forecast
|
May 17 |
JPY |
GDP (QoQ) |
1.0% |
0.9% |
-0.2% |
|
JPY |
GDP Price Index (YoY) |
-1.2% |
-1.4% |
-1.8% |
|
|
JPY |
Industrial Production (MoM) |
1.3% |
1.1% |
1.0% |
|
|
Foreign Securities Purchases |
-2.08B |
9.34B |
12.54B |
||
|
USD |
Initial Jobless Claims |
370K |
365K |
370K |
|
|
CAD |
Wholesale Sales (MoM) |
0.4% |
0.4% |
1.5% |
|
|
USD |
Continuing Jobless Claims |
3265K |
3235K |
3247K |
|
|
USD |
Philadelphia Fed Manufacturing Index |
-5.8 |
10.0 |
8.5 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
The calendar for the end of the week is very thin. There should be little eco data that will affect the markets
Government Bond Auctions
Date Time Country
May 21 09:10 Norway
May 21 09:30 Germany
May 21 10:00 Belgium
May 22 08:30 Holland
May 22 08:30 Spain
May 22 17:00 US
May 23 09:10 Sweden
May 23 09:30 Germany
May 23 14:30 Sweden
May 23 17:00 US
May 24 15:30 Italy
May 24 17:00 US
May 25 15:30 Italy
Click here for further EUR/CHF Forecast.
Originally posted here
