By FXEmpire.com

Analysis and Recommendations:

The EUR/JPY this is an unusual pair to look at in today’s craziness. With the EU Summit just about to get started, the theatrics and drama along with news flow is revving up. Much Ado About Nothing. The JPY gained 0.56 to trade at 99.06

Greece appointed a new finance minister today, after the previous newly appointed finance minister resigned within a week. Greece and Germany are going at it over the re negotiation of the bailout agreement, as Greece demands an extra 20billion euros, as Germany responds, stop asking for more and more.

Japan is where the interest was today as Prime Minister Noda went heads up with the lower house over the next tax increase, doubling the consumption tax to 10% by 2015. There was a chance of a no confidence vote which would have upset the government. But there were more than enough votes, but many of Noda’s supporters did not vote in his favor, which means in a coalition government he might not have enough seats for a majority at this time.

Moody’s supported the tax saving it was a credit positive move.

The increased risk aversion theme of the markets helped give the yen renewed strength.

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 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 for further EUR/JPY Forecast.

Originally posted here