By FXEmpire.com
Analysis and Recommendations:
The USD/CAD will close the week close to 1.0222. CAD is strong, having retraced all of yesterday’s losses. The shift comes on the back of developments in Europe and a materially weaker USD. On the back of its low beta status, CAD is underperforming the other currencies, with the exception of GBP and JPY. As domestic data has been underwhelming of late, today’s GDP (April) was a surprise coming it over forecast at 0.3% when markets were expecting only an increase to 0.2%, after all the negative data this should help support the Looney. The recent widening of the Brent – Canadian Western Select oil spread has been negative for CAD, as prices in the US for oil continue to fall. Even with positive eco data and market sentiment oil was only able to muster a small move.
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 29, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
JPY |
Unemployment Rate |
4.4% |
4.6% |
4.6% |
|
|
JPY |
Tokyo Core CPI (YoY) |
-0.6% |
-0.7% |
-0.8% |
|
|
JPY |
Industrial Production (MoM) |
-3.1% |
-2.8% |
-0.2% |
|
|
EUR |
French GDP (QoQ) |
0.0% |
0.0% |
0.0% |
|
|
EUR |
French Consumer Spending (MoM) |
0.4% |
-0.1% |
0.7% |
|
|
CHF |
KOF Leading Indicators |
1.16 |
0.85 |
0.80 |
|
|
NOK |
Norwegian Core Retail Sales (MoM) |
1.70% |
0.50% |
-0.20% |
|
|
EUR |
CPI (YoY) |
2.4% |
2.4% |
2.4% |
|
|
USD |
Core PCE Price Index (MoM) |
0.1% |
0.2% |
0.1% |
|
|
CAD |
GDP (MoM) |
0.3% |
0.2% |
0.1% |
|
|
USD |
Personal Spending (MoM) |
0.0% |
0.1% |
0.1% |
|
|
USD |
Chicago PMI |
52.9 |
52.5 |
52.7 |
|
|
USD |
Michigan Consumer Sentiment |
73.2 |
74.1 |
74.1 |
Upcoming Economic Events for Monday July 2, 2012
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
JPY |
Tankan Large Manufacturers Index |
-4 |
-4 |
||
|
CHF |
Retail Sales (YoY) |
4.5% |
0.1% |
||
|
CHF |
SVME PMI |
45.0 |
45.4 |
||
|
EUR |
Unemployment Rate |
11.1% |
11.0% |
||
|
USD |
ISM Manufacturing Index |
52.5 |
53.5 |
Government Bond Auctions
Jul 02 09:10 Norway
Jul 03 08:30 Holland
Jul 03 09:15 Austria
Jul 03 09:30 Belgium
Jul 03 09:30 UK
Jul 03 14:30 UK
Jul 04 09:30 UK
Jul 05 08:30 Spain
Jul 05 08:50 France
Jul 05 15:00 US
Click here for further USD/CAD Forecast.
Originally posted here
