By FXEmpire.com
Analysis and Recommendations:
The EUR/CHF returned to its tight range and is trading at 1.2010, as the euro continues to sink around the world; falling against most of its trading partners this pair remains asleep, under the careful eyes of the SNB.
The USD soared today, pushing the DI to 82.87 while the euro has tumbled below the all important 1.25 level to remain at 1.2417 and it seems destined to see the 1.23 range this week.
Until the EU pulls some rabbits out of the hat, and until the politicians and Spain and Greece get their acts together, the euro will continue to tumble and risk aversion and safe havens will remain the theme.
The euro continues to drift lower, now holding under the 1.25 level as problems in the EU burst everywhere today. Spain and Italy saw their bond rates soar, while Greek polls showed that the election favors the anti EU movement picking up momentum and taking the lead.
In Spain, the Prime Minister clarified his statements of early this week, saying that Spain would recapitalize their banks and then raise the money through bond sales, as rates rose to 6.7% today. The ECB claims that they were not approached about the earlier scenario for Spain to loan the money to the banks and then for Spain to use that paper to borrow from the ECB.
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 30, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 30 |
JPY |
BoJ Governor Shirakawa Speaks |
|||
|
AUD |
Construction Work Done (QoQ) |
5.5% |
3.0% |
-3.4% |
|
|
AUD |
Retail Sales (MoM) |
-0.2% |
0.2% |
1.1% |
|
|
CHF |
KOF Leading Indicators |
0.81 |
0.48 |
0.43 |
|
|
EUR |
Italian 10-Year BTP Auction |
6.03% |
5.66% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Previous |
|
|
May 31 |
5:45 |
CHF |
GDP q/q |
0.1% |
|
31st-3rd |
EUR |
German Retail Sales m/m |
0.8% |
|
|
6:45 |
EUR |
French Consumer Spending m/m |
-2.9% |
|
|
7:55 |
EUR |
German Unemployment Change |
19K |
|
|
9:00 |
EUR |
CPI Flash Est?mate y/y |
2.6% |
|
|
12:15 |
USD |
ADP Non-Farm Employment Change |
119K |
|
|
12:30 |
USD |
Prelim GDP q/q |
2.2% |
|
|
12:30 |
USD |
Unemployment Claims |
370K |
|
|
13:45 |
USD |
Chicago PMI |
56.2 |
|
|
15:00 |
USD |
Crude Oil Inventories |
0.9M |
|
|
Jun 1 |
TBD |
GBP |
Halifax HPI m/m |
|
|
7:15 |
CHF |
Retail Sales y/y |
4.2% |
|
|
7:30 |
CHF |
SVME PMI |
46.9 |
|
|
7:45 |
EUR |
Italian Manufacturing PMI |
43.8 |
|
|
8:30 |
GBP |
Manufacturing PMI |
50.5 |
|
|
9:00 |
EUR |
Unemployment Rate |
10.9% |
|
|
12:30 |
USD |
Non-Farm Employment Change |
115K |
|
|
12:30 |
USD |
Unemployment Rate |
8.1% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.0% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.2% |
|
|
12:30 |
USD |
ISM Manufacturing PMI |
0.3% |
|
|
14:00 |
USD |
S&P/CS Composite-20 HPI y/y |
54.8 |
Government Bond Auctions
May 31 14:30 Sweden
Jun 04 10:00 Norway
Jun 05 00:30 Japan Jun 05 09:30
Jun 05 14:30 Sweden
Jun 06 09:30 Germany
Jun 06 09:30 Portugal
Jun 06 14:30 UK
Jun 07 00:30 Japan
Jun 07 08:30 Spain
Jun 07 08:50 France
Jun 07 09:10 Sweden
Jun 07 15:00 US
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Click here a current EUR/CHF Chart.
Originally posted here
