By FXEmpire.com
Analysis and Recommendations:
The USD/CAD saw the CAD rise a bit on positive retail sales, but fall right down when Core Retail Sales were below forecast, and total retail sales were just met forecast. The USD continued to power up as risk aversion put investors in frenzy. Also additional eco data showing new home sales climbed in addition to existing home sales.
European and Asian markets are selling off, with major equity indices in Europe down in the 1.5-2% range while the Nikkei shed close to 2% of its value overnight after the BoJ issued a stand-pat statement on monetary policy. Crude is trading lower and the metals complex is generally selling off as well. Futures are indicating a negative open for US equity markets. The DXY is trading higher with the USD bid against EUR and most of the commodity-linked currencies. USDCAD is trading above 1.02.
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 May 23, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 23 |
JPY |
Trade Balance |
-0.48T |
-0.60T |
-0.62T |
|
JPY |
Interest Rate Decision |
0.10% |
0.10% |
0.10% |
|
|
GBP |
Retail Sales (MoM) |
-2.3% |
-0.8% |
2.0% |
|
|
GBP |
Retail Sales (YoY) |
-1.1% |
1.0% |
3.1% |
|
|
EUR |
Industrial New Orders (MoM) |
1.8% |
-0.1% |
-1.2% |
|
|
GBP |
CBI Industrial Trends Orders |
-17 |
-10 |
-8 |
|
|
CAD |
Core Retail Sales (MoM) |
0.1% |
1.0% |
0.4% |
|
|
CAD |
Leading Indicators (MoM) |
0.3% |
0.3% |
0.3% |
|
|
CAD |
Retail Sales (MoM) |
0.4% |
0.4% |
-0.2% |
|
|
USD |
New Home Sales |
343K |
335K |
332K |
Upcoming Economic Events that affect the CAD and USD
|
May 24 |
12:30 |
USD |
-0.8% |
|
|
12:30 |
USD |
|||
|
12:30 |
USD |
-4.0% |
||
|
May 25 |
TBD |
ALL |
||
|
13:55 |
USD |
Government Bond Auctions (this week)
Date Time Country
May 24 15:30 Italy
May 24 17:00 US
May 25 15:30 Italy
Click here a current USD/CAD Chart.
Originally posted here
