By FXEmpire.com
Analysis and Recommendation: (close of Asian session)
The AUD/USD is trading at 0.9748 slightly off, after being weighed down by poor manufacturing data from Europe and China.
The Australian economy is so dependent on China and its exports to Europe, that the ongoing crisis in Europe is having negative effects on the AUD. The slowdown in China continues to slow growth and business in its local neighbors who are dependent on their exports to China.
With the lack of any results at the EU summit, markets are worried about how long it will take for Europe to pull themselves out of this economic fog and the contagion effect to surrounding nations and the economic future of import and export countries dependent on trade in Europe.
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 for May 24-25 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
EUR |
German GDP (QoQ) |
0.5% |
0.5% |
0.5% |
|
|
EUR |
French Manufacturing PMI |
44.4 |
47.0 |
46.9 |
|
|
EUR |
German Manufacturing PMI |
45.0 |
47.0 |
46.2 |
|
|
EUR |
German Ifo Business Climate Index |
106.9 |
109.4 |
109.9 |
|
|
EUR |
Manufacturing PMI |
45.0 |
46.1 |
45.9 |
|
|
EUR |
German Current Assessment |
113.3 |
117.4 |
117.5 |
|
|
EUR |
German Business Expectations |
100.9 |
102.0 |
102.7 |
|
|
GBP |
BBA Mortgage Approvals |
32.4K |
32.3K |
31.9K |
|
|
GBP |
Business Investment (QoQ) |
3.6% |
3.2% |
-3.3% |
|
|
GBP |
GDP (QoQ) |
-0.3% |
-0.2% |
-0.2% |
|
|
USD |
Durable Goods Orders (MoM) |
0.2% |
0.5% |
-3.7% |
|
|
USD |
Initial Jobless Claims |
370K |
370K |
372K |
|
|
USD |
Continuing Jobless Claims |
3260K |
3250K |
3289K |
|
|
May 25 |
JPY |
Tokyo Core CPI (YoY) |
-0.8% |
-0.6% |
-0.5% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Cur. |
Event |
Forecast |
Previous |
|
|
May 28 |
JPY |
Unemployment Rate |
4.5% |
4.5% |
|
|
JPY |
Retail Sales (YoY) |
6.3% |
10.3% |
||
Date Time Country
May 28- n/a UK
May 28 09:10 Italy
May 29 00:30 Japan
May 29 09:10 Italy
May 29 09:10 Norway
May 30 09:10 Italy
May 30 09:10 Sweden
Originally posted here
