By FXEmpire.com
Analysis and Recommendations:
The GBP/USD is trading at 1.5570 slightly down for the day, in a very calm trading day. The GBP had a much muted reaction following the release, suggesting that market participants are looking through what is expected to have been a one-time upswing that occurred over the course of recent Jubilee celebrations. Retail spending is expected to remain muted over the medium term as Eurozone concerns continue to weigh on households in the UK.
Accordingly, the BoE is expected to announce an increase in asset purchases next Thursday, and markets appear to have priced in this development given the 0.6% decline in GBP since the release of the most recent (dovish) MPC minutes on June 20th.
The DX is still strong; with risk aversion still the theme. In the UK today, the BBA Mortgage Approvals showed a huge drop, confirming the continuation of negative housing in the UK. But the CBI Trades survey was well over expectations, the reports together both level 2 data, had little effects on the market.
Tomorrow brings the UK GDP and the formal beginning of the EcoFin Summit, but with all the news and press coverage, one would have thought it was already in full swing.
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 Releases for June 26, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
||
|
Jun. 27 |
EUR |
German Import Price Index (MoM) |
-0.7% |
-0.7% |
-0.5% |
||
|
EUR |
Spanish Retail Sales (YoY) |
-4.9% |
-8.2% |
-10.0% |
|||
|
EUR |
Italian Business Confidence |
88.9 |
85.5 |
86.6 |
|||
|
NOK |
Norwegian Unemployment Rate |
3.00% |
3.00% |
3.00% |
|||
|
GBP |
BBA Mortgage Approvals |
30.2K |
32.8K |
32.1K |
|||
|
EUR |
Italian 6-Month BOT Auction |
2.957% |
2.104% |
||||
|
GBP |
CBI Distributive Trades Survey |
42 |
10 |
21 |
|||
|
USD |
MBA Mortgage Applications |
-7.1% |
-0.8% |
||||
|
EUR |
German CPI (MoM) |
-0.1% |
0.0% |
-0.2% |
|||
|
EUR |
German CPI (YoY) |
1.7% |
1.8% |
1.9% |
|||
|
USD |
Core Durable Goods Orders (MoM) |
0.4% |
0.7% |
-0.6% |
|||
|
USD |
Durable Goods Orders (MoM) |
1.1% |
0.4% |
-0.2% |
|||
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 28 |
7:55 |
EUR |
0K |
|
|
8:30 |
GBP |
-8.5B |
||
|
8:30 |
GBP |
|||
|
8:30 |
GBP |
-0.3% |
||
|
12:30 |
USD |
|||
|
12:30 |
USD |
1.9% |
||
|
23:01 |
GBP |
-29 |
||
|
Jun 29 |
29th-4th |
EUR |
0.6% |
|
|
6:45 |
EUR |
0.6% |
||
|
7:00 |
CHF |
0.81 |
||
|
8:00 |
EUR |
2.5% |
||
|
9:00 |
EUR |
2.4% |
||
|
12:30 |
USD |
0.1% |
||
|
12:30 |
USD |
0.3% |
||
|
13:45 |
USD |
52.7 |
||
|
13:55 |
USD |
74.1 |
Upcoming Government Bond Auctions
Date Time Country
Jun 28 09:10 Italy
Jun 28 17:00 US
Click here to read GBP/USD Technical Analysis.
Originally posted here
