By FXEmpire.com
Analysis and Recommendations:
The EUR/GBP saw Sterling energized from the long market closure and the holiday enjoyment. The pair moved to 0.8086 with the euro losing 0.0008
There is already strong speculation that the Bank of England will need to respond to the recent downturn in the economy by increasing stimulus measures through additional quantitative easing. To that end, the focus tomorrow will certainly switch to the BoE interest rate announcement and a move to extend bond purchases would put the Pound under severe selling pressure.
The Pound is also struggling on signs that it is finding it increasingly difficult to gain additional buying support on defensive grounds with fears over the impact of Euro-zone stresses on the banking sector. The Bank of England left policy on hold in May but this month policy makers are armed with new data that has shown the economy contracted by more-than-expected during the first quarter.
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 June 6, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun. 06 |
02:30 |
AUD |
GDP (QoQ) |
1.3% |
0.5% |
0.6% |
|
10:00 |
EUR |
GDP (QoQ) |
0.0% |
0.0% |
0.0% |
|
|
11:00 |
EUR |
German Industrial Production |
-2.2% |
-1.0% |
2.2% |
|
|
12:45 |
EUR |
Interest Rate Decision |
1.00% |
1.00% |
1.00% |
|
|
13:30 |
USD |
Nonfarm Productivity (QoQ) |
-0.9% |
-0.7% |
-0.5% |
|
|
13:30 |
USD |
Unit Labor Costs (QoQ) |
1.3% |
2.2% |
2.0% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jun 7 |
7:00 |
CHF |
Foreign Currency Reserves |
235.6B |
|
|
7:15 |
CHF |
CPI m/m |
0.1% |
||
|
8:30 |
GBP |
Services PMI |
53.3 |
||
|
TBD |
EUR |
French 10-y Bond Auction |
|||
|
11:00 |
GBP |
Asset Purchase Facility |
325B |
||
|
11:00 |
GBP |
Official Bank Rate |
0.50% |
0.50% |
|
|
TBD |
GBP |
MPC Rate Statement |
|||
|
12:30 |
USD |
Unemployment Claims |
383K |
||
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
|||
|
Jun 8 |
8:30 |
GBP |
PPI Input m/m |
-1.5% |
|
|
8:30 |
GBP |
Consumer Inflation Expectations |
3.5% |
||
|
TBD |
GBP |
10-y Bond Auction |
|||
|
12:30 |
USD |
Trade Balance |
-51.8B |
||
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
Government Bond Auctions
Date Time Country
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/GBP Chart.
Originally posted here
