By FXEmpire.com

Analysis and Recommendations:

The GBP/USD added 0.0084 pips today, to trade at 1.5570. The GBP is up 0.3% since yesterday’s close, underperforming the growth currencies like CAD and AUD and in line with EUR. As the expectations for

QE intensify GBP has struggled; yesterday BoE member Posen commented that he would still support another round of QE and turned away from it too early. Domestic data was disappointing, with industrial production 0.0% m/m and manufacturing production falling 0.7%m/m, however these are typically volatile data releases. Today at 10am EST, the NIESR GDP estimate will be released, which will

provide further guidance as to how negatively the UK economy is being impacted.

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 for June 12, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Jun. 12

GBP

RICS House Price Balance

-16%

-18%

-19%

JPY

Tertiary Industry Activity Index (MoM)

-0.3%

0.4%

-0.6%

JPY

BoJ Governor Shirakawa Speaks

AUD

NAB Business Confidence

-2

4

EUR

French Non-Farm Payrolls (QoQ)

0.1%

0.1%

0.1%

GBP

Industrial Production (MoM)

0.0%

0.1%

-0.3%

GBP

Manufacturing Production (MoM)

-0.7%

-0.2%

0.9%

GBP

Industrial Production (YoY)

-1.0%

-1.0%

-2.6%

USD

Import Price Index (MoM)

-1.0%

-1.0%

0.0%

GBP

NIESR GDP Estimate

0.1%

-0.1%

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Forecast

Previous

Jun 13

7:15

CHF

PPI m/m

-0.1%

9:00

EUR

Industrial Production m/m

-0.3%

12:30

USD

PPI m/m

-0.2%

12:30

USD

Retail Sales m/m

0.1%

14:00

USD

Business Inventories m/m

0.3%

14:30

USD

Crude Oil Inventories

-0.1M

Jun 14

7:30

CHF

Libor Rate

7:30

CHF

SNB Monetary Policy Assessment

7:30

CHF

SNB Press Conference

8:00

CHF

SNB Financial Stability Report

8:00

EUR

ECB Monthly Bulletin

9:00

EUR

CPI y/y

2.4%

12:30

USD

Unemployment Claims

377K

12:30

USD

CPI m/m

0.0%

12:30

USD

Current Account

-124B

Jun 15

8:30

GBP

Trade Balance

-8.6B

12:30

USD

Empire State Manufacturing Index

17.1

13:00

USD

TIC Long-Term Purchases

36.2B

13:15

USD

Capacity Utilization Rate

79.2%

13:15

USD

Industrial Production m/m

1.1%

13:55

USD

Prelim UoM Consumer Sentiment

79.3

Government Bond Auctions

Date Time Country

Jun 13 09:10 Italy

Jun 13 09:30 Germany

Jun 13 09:30 Swiss

Jun 13 17:00 US

Jun 14 09:10 Italy

Jun 14 09:30 UK

Jun 14 15:00 US

Jun 14 17:00 US

Click here for further GBP/USD Forecast.

Originally posted here