By FXEmpire.com
Analysis and Recommendations:
The EUR/USD is trading at 1.2769 down 0.0010 in a relatively quiet day. There was virtually no eco data around the world today and the political turmoil was fairly quiet. Last week markets seemed to factor in Greece leaving the euro one way or another. Spain stayed out of the media pretty much today.
Comments by the world leaders during the G8 meeting last weekend induced some confidence into the markets; however, worries over possible Greece exit from the Euro Zone continued to weigh on. During the weekend G-8 summit in Camp David, the leaders promised to take necessary action to fight the financial crisis and revitalize the global economy. Euro steadied near its recent lows while gains in commodities were capped by worries over Greece. Spot gold eased after a spectacular bounce back rally after falling to its lowest this year the previous week. Softer euro capped the northward movement of the yellow metal.
Sentiment in trade was sanguine after Chinese premier Wen Jiabao stressed the importance of adjusting policies decisively to prevent a rapid economic slowdown. Also, G8 leaders vowed to work closely to tame the crisis in the EU-region and urged Greece to remain in the Euro zone as mounting debt concerns in the region threatens world economy. Looking into this week, the release of the U.S housing figures are a crucial economic event as the sector continues to remain in the doldrums and hinder recovery for the world’s largest economy. The recent string of weak numbers from China is raising fresh concerns about the pliability of the Chinese economy amid softening global demand and in that regards, manufacturing numbers from the country would be an important economic event this week and could have significant bearing on the commodity prices.
The housing numbers in the U.S could paint a positive picture this week, elevating hopes of recovery for the sector, which has remained the weakest link in the economic recovery post recession. In midst of escalating concerns over a Greek exit, some crucial economic data from the region in terms of Consumer confidence and Manufacturing are slated for release this week.
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 May 21, 2012 actual v. forecast
|
Date |
Time |
Currency |
Importance |
Event |
Actual |
Forecast |
Previous |
|
May 21 |
00:01 |
GBP |
0.0% |
2.9% |
|||
|
06:45 |
CHF |
-8 |
-15 |
-19 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
May 22 |
8:30 |
GBP |
3.5% |
|
|
8:30 |
GBP |
15.9B |
||
|
8:30 |
GBP |
3.6% |
||
|
TBD |
GBP |
|||
|
14:00 |
USD |
4.48M |
||
|
May 23 |
8:00 |
EUR |
-1.3B |
|
|
8:30 |
GBP |
0-0-9 |
||
|
TBD |
EUR |
-1.2% |
||
|
10:00 |
GBP |
-8 |
||
|
TBD |
GBP |
|||
|
14:00 |
USD |
328K |
||
|
14:30 |
USD |
Government Bond Auctions (this week)
Date Time Country
May 22 08:30 Holland
May 22 08:30 Spain
May 22 17:00 US
May 23 09:10 Sweden
May 23 09:30 Germany
May 23 14:30 Sweden
May 23 17:00 US
May 24 15:30 Italy
May 24 17:00 US
May 25 15:30 Italy
Click here for further EUR/USD Forecast.
Originally posted here
