By FX Empire.com
USD/JPY Fundamental Analysis March 16, 2012, Forecast
Analysis and Recommendation: (close of Asian session)
USD/JPY climbed for most of the trading session opening at 83.73 and ending at 83.80, the Yen broke the 84.00 point of resistance reaching as high as 84.18. The USD has kept momentum for two days, on the back of positive economic news and upbeat statements from the FOMC and then supported by Fed Chairman Bernanke.
The USD is expected to hold close to its current range until after the release of the US jobless claims on Thursday afternoon.
Released Economic Reports for March 14, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Mar. 14 |
KRW |
South Korean Unemployment Rate |
3.7% |
3.5% |
3.2% |
|
AUD |
Westpac Consumer Sentiment |
-5.00% |
4.20% |
||
|
JPY |
BSI Large Manufacturing Conditions |
-7.3 |
1.3 |
-6.1 |
|
|
JPY |
Industrial Production (MoM) |
1.9% |
2.1% |
2.0% |
|
|
JPY |
BoJ Monthly Report | ||||
|
GBP |
Average Earnings Index +Bonus |
1.4% |
1.9% |
1.9% |
|
|
GBP |
Claimant Count Change |
7.2K |
6.0K |
7.0K |
|
|
EUR |
CPI (YoY) |
2.7% |
2.7% |
2.7% |
|
|
EUR |
Industrial Production (MoM) |
0.2% |
0.7% |
-1.1% |
|
|
EUR |
Core CPI (YoY) |
1.5% |
1.6% |
1.5% |
|
|
USD |
Current Account |
-124.1B |
-114.0B |
-108.0B |
|
|
USD |
Import Price Index (MoM) |
0.4% |
0.6% |
0.0% |
Economic Events for March 16, 2012
Time Currency Event Forecast Previous
00:50 JPY Monetary Policy Meeting Minutes
The Monetary Policy Meeting Minutes are a detailed record of the Bank of Japan’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
13:30 USD Core CPI (MoM) 0.2% 0.2%
13:30 USD CPI (MoM) 0.4% 0.2%
The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
14:15 USD Industrial Production (MoM) 0.4% 0.0%
Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
14:55 USD Michigan Consumer Sentiment Index 75.7 75.3
The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers.
Government Bond Auction Schedule (this week)
Mar 15 09:30 Spain Obligacion auction
Mar 15 09:50 France BTAN auction
Mar 15 10.30 UK Auctions 4.5% 2042 conventional Gilt
Mar 15 10:50 France OATi auction
Mar 15 16:00 US Announces auction of 10Y TIPS on Mar 22
Originally posted here
