By FXEmpire.com
Analysis and Recommendations:
The EUR/GBP opened at 0.7992 and ended the European session at the same price. The pair continued to languish right under the 0.80 psychological resistance points.
Today the Bank of England said that net lending to individuals rose more-than-expected in April, rising by GBP1.4 billion, beating expectations for a GBP1.2 billion increase. A separate report showed that U.K. mortgage approvals ticked higher last month. Both of these reports are second tier and have little effect on the markets and the overall value of the sterling, but give a better look as economic indicators.
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.The EC is now suggesting that they use the ESFM, the permanent rescue fund, to help Spain, which would be a bailout, although Spain is not requesting a bailout.
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 for updated EUR/GBP News.
Originally posted here
