By FXEmpire.com
Analysis and Recommendations:
The USD/CAD in early trading continues to climb, with the Looney having no strength to combat the risk aversion mode of the markets. The pair is trading for 1.0263 with the USD picking up 0.0010.
In this environment equities are higher even as equity volatility has also shifted higher, oil dropped briefly below $90 before recovering (low oil prices helps to offset the negative growth outlook on the back of weak PMIs); bond yields are mixed and the USD is shifting weaker at this time against most of its partners.
US eco data showed a drop in durable goods which came in below forecast along with a lackluster jobless report, but the CAD still was not able to push against the USD.
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 24, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 24 |
03:30 |
CNY |
Chinese HSBC Mfg PMI |
48.70 |
49.30 |
|
|
07:00 |
EUR |
German GDP (QoQ) |
0.5% |
0.5% |
0.5% |
|
|
07:00 |
EUR |
German GDP (YoY) |
1.7% |
1.7% |
1.7% |
|
|
07:58 |
EUR |
French Manufacturing PMI |
44.4 |
47.0 |
46.9 |
|
|
08:28 |
EUR |
German Manufacturing PMI |
45.0 |
47.0 |
46.2 |
|
|
09:00 |
EUR |
German Ifo Business Climate |
106.9 |
109.4 |
109.9 |
|
|
09:00 |
EUR |
Manufacturing PMI |
45.0 |
46.1 |
45.9 |
|
|
09:00 |
EUR |
German Current Assessment |
113.3 |
117.4 |
117.5 |
|
|
09:00 |
EUR |
German Business Expectations |
100.9 |
102.0 |
102.7 |
|
|
09:30 |
GBP |
BBA Mortgage Approvals |
32.4K |
32.3K |
31.9K |
|
|
09:30 |
GBP |
Business Investment (QoQ) |
3.6% |
3.2% |
-3.3% |
|
|
09:30 |
GBP |
GDP (QoQ) |
-0.3% |
-0.2% |
-0.2% |
|
|
09:30 |
GBP |
GDP (YoY) |
-0.1% |
0.0% |
0.0% |
|
|
13:30 |
USD |
Core Durable Goods Orders |
-0.6% |
0.9% |
-0.8% |
|
|
13:30 |
USD |
Durable Goods Orders (MoM) |
0.2% |
0.5% |
-3.7% |
|
|
13:30 |
USD |
Initial Jobless Claims |
370K |
370K |
372K |
|
|
13:30 |
USD |
Continuing Jobless Claims |
3260K |
3250K |
3289K |
Upcoming Economic Events that affect the CAD and USD
|
May 25 |
TBD |
ALL |
|
|
13:55 |
USD |
Click here a current USD/CAD Chart.
Originally posted here
