By FXEmpire.com
Analysis and Recommendations:
The EUR/JPY skyrocketed today, to close the week at 100.12. The euro gained against all of its trading partners after the EU Ministers released a statement with a plan for the EU financial crisis.
The statement released early morning on Friday stated:
a) Said the below points have not been fully approved.
b) A proposal for a single bank supervisor (including the ECB).
c) Once a single bank supervisor is established, the ESM could have the possibility to recapitalize banks directly.
d) The EFSF will be used until the ESM becomes available.
e) EFSF loans will be then transferred to the ESM without any seniority (the ESM as currently structured has seniority).
f) Strong commitment to do what is necessary.
g) The above to be implemented by July 9, 2012.
Global sentiment immediately changed as investors hailed the plan and moved to more risk, the euro remained powerful throughout the day, while the JPY had several eco releases that were so strong and the political turmoil with Prime Minister Noda’s coalition close to collapse weakened the JPY.
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 recent analysis and information in our weekly reports and we provide daily updates and outlooks
Economic Data for June 29, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
JPY |
Unemployment Rate |
4.4% |
4.6% |
4.6% |
|
|
JPY |
Tokyo Core CPI (YoY) |
-0.6% |
-0.7% |
-0.8% |
|
|
JPY |
Industrial Production (MoM) |
-3.1% |
-2.8% |
-0.2% |
|
|
EUR |
French GDP (QoQ) |
0.0% |
0.0% |
0.0% |
|
|
EUR |
French Consumer Spending (MoM) |
0.4% |
-0.1% |
0.7% |
|
|
CHF |
KOF Leading Indicators |
1.16 |
0.85 |
0.80 |
|
|
NOK |
Norwegian Core Retail Sales (MoM) |
1.70% |
0.50% |
-0.20% |
|
|
EUR |
CPI (YoY) |
2.4% |
2.4% |
2.4% |
|
|
USD |
Core PCE Price Index (MoM) |
0.1% |
0.2% |
0.1% |
|
|
GDP (MoM) |
0.3% |
0.2% |
0.1% |
||
|
USD |
Personal Spending (MoM) |
0.0% |
0.1% |
0.1% |
|
|
USD |
Chicago PMI |
NR |
52.5 |
52.7 |
|
|
USD |
Michigan Consumer Sentiment |
NR |
74.1 |
74.1 |
Upcoming Economic Events for Monday July 2, 2012
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
JPY |
Tankan Large Manufacturers Index |
-4 |
-4 |
||
|
CHF |
Retail Sales (YoY) |
4.5% |
0.1% |
||
|
CHF |
SVME PMI |
45.0 |
45.4 |
||
|
EUR |
Unemployment Rate |
11.1% |
11.0% |
||
|
USD |
ISM Manufacturing Index |
52.5 |
53.5 |
Government Bond Auctions
Jul 02 09:10 Norway
Jul 03 08:30 Holland
Jul 03 09:15 Austria
Jul 03 09:30 Belgium
Jul 03 09:30 UK
Jul 03 14:30 UK
Jul 04 09:30 UK
Jul 05 08:30 Spain
Jul 05 08:50 France
Jul 05 15:00 US
Click here a current EUR/JPY Chart.
Originally posted here
