By FXEmpire.com
Analysis and Recommendations:
The EUR/CHF continues its private battle between the euro bears and the SNB. With the SNB floor at 1.20 and the euro continues to sink against all of its trading partners, this pair has little to move. The pair has remained in this tight channel since April 5, 2012 when the floor was violated as the euro dropped to 1.11995 for just a few minutes.
The euro continued under pressure today as Greece continued its political drama. The EU has threatened to with hold upcoming release of bailout funds, while Greece tries to form a new government.
Spain intervened and rescued the 3rd largest bank today, as borrowing costs and financial problems continued to mount. The possibility of a Spanish default looms closer.
But this pair had little reaction as the euro could not drop any farther, as the Swissie should be a benefactor of the safe haven movements.
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Economic Data for May 10, 2012 actual v. forecast
|
JPY |
Adjusted Current Account |
0.79T |
0.65T |
0.86T |
|
KRW |
South Korean Interest Rate Decision |
3.25% |
3.25% |
3.25% |
|
AUD |
Employment Change |
15.5K |
-5.5K |
44.0K |
|
AUD |
Unemployment Rate |
4.9% |
5.3% |
5.2% |
|
CNY |
Chinese Trade Balance |
18.40B |
8.50B |
5.35B |
|
GBP |
Industrial Production (MoM) |
-0.3% |
-0.3% |
0.4% |
|
GBP |
Manufacturing Production (MoM) |
0.9% |
0.5% |
-1.1% |
|
GBP |
Industrial Production (YoY) |
-2.6% |
-2.6% |
-2.3% |
|
GBP |
Interest Rate Decision |
0.50% |
0.50% |
0.50% |
|
GBP |
BOE QE Total |
325B |
325B |
325B |
|
USD |
Import Price Index (MoM) |
-0.5% |
-0.2% |
1.5% |
|
Trade Balance |
0.4B |
1.0B |
0.3B |
|
|
USD |
Trade Balance |
-51.8B |
-50.0B |
-45.4B |
|
USD |
Initial Jobless Claims |
367K |
369K |
368K |
|
USD |
Continuing Jobless Claims |
3229K |
3278K |
3290K |
|
GBP |
NIESR GDP Estimate |
0.1% |
-0.2% |
|
|
USD |
Federal Budget Balance |
30.0B |
-198.2B |
Upcoming Economic Events that affect the CHF,EUR, GBP and USD
|
May 11 |
00:01 |
GBP |
53 |
|
|
07:00 |
EUR |
0.1% |
0.1% |
|
|
09:30 |
GBP |
-1.0% |
1.9% |
|
|
10:00 |
EUR |
1.20% |
||
|
13:30 |
USD |
0.3% |
||
|
13:30 |
USD |
0.0% |
||
|
14:55 |
USD |
76.4 |
Government Bond Auctions (this week)
Date Time Country
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here to read EUR/CHF Technical Analysis.
Originally posted here
