By FXEmpire.com
Analysis and Recommendations:
The GBP/USD moved up in today’s session. The pound added 0.0059 to trade at 1.5556. Sterling is up 0.3% and gaining against most of its peers as the BoE left policy unchanged (rate at 0.5%, asset purchases at ?325bn) and as the services PMI surprised higher (53.3). No statement was released with the BoE announcement, given that policy remained unchanged. As such, we will look to the minutes release on June 20th for further details. The services PMI is the third of three domestic PMI’s, which also include manufacturing and construction, and is the most important for the UK given the size of the services sector relative to GDP. That it remained unchanged where its peer indices declined suggests resilience in the domestic economy.
In a week of central bank moves and statements. The Fed Chairman today, testified that the Fed was watching the economy closely for signs of stress and if necessary are ready to act, but not at this time. He offered no alternatives.
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 June 7, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
AUD |
Employment Change |
38.9K |
-5.0K |
15.5K |
|
|
AUD |
Unemployment Rate |
5.1% |
5.1% |
5.0% |
|
|
CHF |
Unemployment Rate |
3.2% |
3.2% |
3.1% |
|
|
GBP |
Halifax House Price Index (MoM) |
0.5% |
0.5% |
-2.4% |
|
|
CHF |
CPI (MoM) |
0.0% |
0.1% |
0.1% |
|
|
GBP |
Services PMI |
53.3 |
52.7 |
53.3 |
|
|
GBP |
Interest Rate Decision |
0.50% |
0.50% |
0.50% |
|
|
GBP |
BOE QE Total |
325B |
325B |
325B |
|
|
USD |
Initial Jobless Claims |
377K |
377K |
389K |
|
|
USD |
Continuing Jobless Claims |
3293K |
3245K |
3259K |
|
|
Ivey PMI |
60.5 |
55.0 |
52.7 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Previous |
|
|
Jun 8 |
8:30 |
GBP |
-1.5% |
|
|
8:30 |
GBP |
3.5% |
||
|
12:30 |
USD |
-51.8B |
||
|
14:00 |
USD |
Government Bond Auctions
Date Time Country
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Jun 11 09:10 Norway
Jun 11 09:10 Slovakia
Jun 11 09:30 Germany
Jun 11 15:30 Italy
Jun 12 08:30 Holland
Jun 12 09:15 Austria
Jun 12 09:30 Belgium
Jun 12 09:30 UK
Jun 12 14:30 UK
Jun 12 17:00 US
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 a current GBP/USD Chart.
Originally posted here
