By FXEmpire.com
Analysis and Recommendations:
The EUR/GBP is down at 0.8104 as the euro lost against most of its trading partners including the crosses. The UK gained on the euro, with little in the way of supportive data in the UK, it is the negative sentiment emanating from the eurozone, with a more negative data and continued worries about France.
Investors appear to have factored in a victory by Socialist challenger Fran?ois Hollande in France’s presidential election, but fear a potentially chaotic Greek parliamentary election could trigger renewed market turmoil.
Retail sales in the 17 countries that use the euro rose slightly in March, driven by pickups in Germany and France, the currency area’s largest members. However, sales were down in a number of euro-zone members that have embarked on tough austerity programs. A contraction in private-sector business activity across the 17-nation euro zone accelerated sharply in April, according to the Markit composite purchasing managers’ index, or PMI, released Friday. The index fell to 46.7 from 49.1 in March
Economic events for May 4, 2012 actual v. forecast
|
GBP |
Halifax House Price Index (MoM) |
-2.4% |
-0.5% |
2.2% |
|
CHF |
Retail Sales (YoY) |
4.2% |
1.2% |
0.8% |
|
NOK |
Norwegian Unemployment Rate |
3.20% |
3.20% |
3.20% |
|
EUR |
Retail Sales (MoM) |
0.3% |
0.3% |
-0.2% |
|
USD |
Average Hourly Earnings (MoM) |
0.0% |
0.2% |
0.2% |
|
USD |
Nonfarm Payrolls |
115K |
170K |
154K |
|
USD |
Unemployment Rate |
8.1% |
8.2% |
8.2% |
|
USD |
Average Weekly Hours |
34.5 |
34.5 |
34.5 |
|
USD |
Private Nonfarm Payrolls |
130K |
175K |
166K |
|
Ivey PMI |
52.7 |
61.0 |
63.5 |
Economic Events for May 7, 2012 for the European and US Markets
05:45 CHF Unemployment Rate 3.1% 3.1%
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
07:15 CHF CPI 0.2% 0.6%
The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
10:00 EUR German Factory Orders 0.5% 0.3%
German Factory Orders measures the change in the total value of new purchase orders placed with manufacturers for both durable and non-durable goods. It is a leading indicator of production.
12:30 CAD Building Permits 7.5%
Building Permits measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.
Government Bond Auctions (this week)
Date Time Country
May 08 09:15 Austria
May 08 09:30 Belgium
May 08 14:30 UK
May 08 15:30 Italy
May 08 17:00 US
May 09 09:10 Sweden
May 09 09:30 Germany
May 09 09:30 Swiss
May 09 09:30 UK
May 09 14:30 Sweden
May 09 15:30 Italy
May 09 17:00 US
May 10 15:00 US
May 10 17:00 US
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Originally posted here
