By FXEmpire.com

Analysis and Recommendations:

The EUR/JPY is off by 1.61 trading below the 100.00 level, at 99.50. With Spain, Greece and Italy floundering and Germany and France bickering, global leaders are pushing for more plans and action, but nothing are forth coming.

As demands for action weigh on EU leaders, markets begin to lose confidence that this week’s EU summit will yield anything more than promises and small steps. News flow has been limited, with almost no fundamental releases in the advanced economies and no surprises from the BIS annual meeting. In this environment the markets are shedding risk, with equities in negative territory, bond yields lower (except in the vulnerable Spain and Italy) and a stronger USD and the JPY outperforming on risk aversion.

At this point investors seem to be shedding everything associated with the eurozone and moving well beyond to safe havens.

Reacting to heightened risk aversion, JPY has rallied 0.7% since Friday’s close.

This week is full of data from Japan as the island nation releases almost all their data at one time on a monthly bases, starting tomorrow we will see a great deal of eco data, but in the risk aversion mode of the markets, data may not affect the currency value.

Rumors of the BoJ introducing additional monetary policy are becoming louder.

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.

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date

Time

Currency

Event

Previous

Jun 26

13:00

USD

S&P/CS Composite-20 HPI y/y

-2.6%

14:00

USD

CB Consumer Confidence

64.9

22:45

NZD

Trade Balance

355M

Jun 27

Jun 28

12:30

USD

Durable Goods Orders m/m

0.2%

14:00

USD

Pending Home Sales m/m

-5.5%

14:30

USD

Crude Oil Inventories

23:50

JPY

Retail Sales y/y

5.8%

1:00

NZD

NBNZ Business Confidence

27.1

Jun 29

12:30

USD

Unemployment Claims

12:30

USD

Final GDP q/q

1.9%

22:45

NZD

Building Consents m/m

-7.2%

23:30

JPY

Household Spending y/y

2.6%

23:30

JPY

Tokyo Core CPI y/y

-0.8%

23:50

JPY

Prelim Industrial Production m/m

-0.2%

1:30

AUD

Private Sector Credit m/m

0.4%

12:30

USD

Core PCE Price Index m/m

0.1%

12:30

USD

Personal Spending m/m

0.3%

13:45

USD

Chicago PMI

52.7

13:55

USD

Revised UoM Consumer Sentiment

74.1

Click here to read EUR/JPY Technical Analysis.

Originally posted here