By FXEmpire.com
Analysis and Recommendations:
The GBP/USD is trading at 1.6192, just about to break back over the 1.62 price. UK markets are closed for Spring Bank holiday so and there is little in the way of eco data this week to support the sterling.
The BoE meeting on the 10th is the big event, but many economists think that the BoE is going to leave interest on hold and current policy on hold, if this is the case, and then there is no public statement.
With all the events unfolding in the political arena this week, it might be a safe way for Governor King to avoid public statements at least until after the Olympics and the Queens event.
The USD is also in the same position, there is virtually no eco data until Thursday, as it is mid month. There is no news from the Fed and little in public statements and events, except again as the political areana takes center stage with the election campaign underway.
The US is enjoying the drop in oil prices, which should bolster the economy and help Obama.
Economic Releases May 7, 2012 actual v. forecast
|
AUD |
Building Approvals (MoM) |
7.4% |
3.1% |
-8.8% |
|
AUD |
NAB Business Confidence |
4 |
3 |
|
|
AUD |
Retail Sales (MoM) |
0.9% |
0.2% |
0.3% |
|
CHF |
Unemployment Rate |
3.1% |
3.1% |
3.0% |
|
CHF |
CPI (MoM) |
0.1% |
0.2% |
0.6% |
|
EUR |
German Factory Orders (MoM) |
2.2% |
0.5% |
0.6% |
|
Building Permits (MoM) |
4.7% |
-1.5% |
7.6% |
Economic Events for May 8, 2012
00:01 GBP RICS House Price Balance -10% -10%
02:30 AUD Trade Balance -1.40B -0.48B
06:45 CHF GDP 0.1%
06:45 CHF SECO Consumer Climate -18 -19
13:15 CAD Housing Starts 202K 216K
Government Bond Auctions (this week)
Date Time Country
May 08 09:15 Austria
May 08 09:30 Belgium
May 08 14:30 UK
May 08 15:30 Italy
May 08 17:00 US
May 09 09:10 Sweden
May 09 09:30 Germany
May 09 09:30 Swiss
May 09 09:30 UK
May 09 14:30 Sweden
May 09 15:30 Italy
May 09 17:00 US
May 10 15:00 US
May 10 17:00 US
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here for further GBP/USD Forecast.
Originally posted here
