By FXEmpire.com
Analysis and Recommendations:
The EUR/GBP continues to fall trading at 0.7782 off by 0.0028 as EU worries and domestic public finance data drive concern over the ability of the UK to meet its fiscal targets. Ongoing austerity and the drive to close the UK’s structural deficit by 2017 have reduced growth, complicating the government’s ability to collect tax revenues
Fears are rising that Spain may require additional aid, given the poor results of yesterday’s debt auction. Spain has approved additional austerity legislation amid ongoing pressure from both markets and European officials as government debt yields continue to climb. Germany has approved use of the EFSF for the EUR100bn of aid to Spain as lawmakers were urged by German Finance Minister Schaeuble to provide support in order to buy time for Spain to repair its financial sector. Schaeuble underscored that ‘Spain is making the application, Spain is getting the money for bank recapitalization and the Spanish state must guarantee the funds.’ Spain’s 10Y yield has climbed from 6.6% to 7.1% over the past 8 sessions
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 July 20, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 20 |
02:30 |
AUD |
Import Price Index (QoQ) |
2.4% |
1.5% |
-1.2% |
|
04:00 |
NZD |
Credit Card Spending (YoY) |
4.6% |
3.9% |
||
|
06:00 |
EUR |
Estonian PPI (MoM) |
0.00% |
0.00% |
||
|
07:00 |
EUR |
German PPI (MoM) |
-0.4% |
-0.2% |
-0.3% |
|
|
07:00 |
EUR |
German PPI (YoY) |
1.6% |
1.8% |
2.1% |
|
|
08:00 |
DKK |
Danish Retail Sales (YoY) |
-1.2% |
-0.5% |
||
|
08:30 |
EUR |
Dutch Consumer Spending |
-1.90 |
-2.10 |
||
|
09:30 |
GBP |
Public Sector Net Borrowing |
12.1B |
11.0B |
16.1B |
|
|
13:30 |
Core CPI (MoM) |
-0.4% |
-0.1% |
0.2% |
||
|
13:30 |
CAD |
CPI (MoM) |
-0.4% |
-0.1% |
-0.1% |
|
|
13:30 |
CAD |
CPI (YoY) |
1.5% |
2.0% |
1.2% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 24 |
7:00 |
EUR |
French Flash Manufacturing PMI |
45.2 |
|
7:00 |
EUR |
French Flash Services PMI |
47.9 |
|
|
7:30 |
EUR |
German Flash Manufacturing PMI |
45.0 |
|
|
7:30 |
EUR |
German Flash Services PMI |
49.9 |
|
|
8:00 |
EUR |
Flash Manufacturing PMI |
45.1 |
|
|
8:30 |
GBP |
BBA Mortgage Approvals |
30.2K |
|
|
9:00 |
EUR |
Flash Services PMI |
47.1 |
|
|
13:00 |
USD |
Flash Manufacturing PMI |
52.5 |
|
|
Jul 25 |
8:00 |
EUR |
German Ifo Business Climate |
105.3 |
|
8:30 |
GBP |
Prelim GDP q/q |
-0.3% |
|
|
10:00 |
GBP |
CBI Industrial Order Expectations |
-11 |
|
|
13:00 |
EUR |
Belgium NBB Business Climate |
-13.2 |
|
|
14:00 |
USD |
New Home Sales |
369K |
|
|
14:30 |
USD |
Crude Oil Inventories |
||
|
Jul 26 |
6:00 |
EUR |
GfK German Consumer Climate |
5.8 |
|
8:00 |
EUR |
M3 Money Supply y/y |
2.9% |
|
|
12:30 |
USD |
Core Durable Goods Orders m/m |
0.7% |
|
|
12:30 |
USD |
Unemployment Claims |
||
|
14:00 |
USD |
Pending Home Sales m/m |
5.9% |
|
|
Jul 27 |
27th-31st |
GBP |
Nationwide HPI m/m |
-0.6% |
|
All Day |
EUR |
German Prelim CPI m/m |
-0.1% |
|
|
7:00 |
CHF |
KOF Economic Barometer |
1.16 |
|
|
12:30 |
USD |
Advance GDP q/q |
1.9% |
|
|
13:55 |
USD |
Revised UoM Consumer Sentiment |
72.0 |
Click here to read EUR/GBP Technical Analysis.
Originally posted here
