By FXEmpire.com
Analysis and Recommendation: (close of Asian session)
The USD/CNY is exchanging at 6.2858
Yuan took their biggest tumble in three weeks on speculation that a worsening outlook for exports will dissuade China from allowing its currency to gain value. Later this week, there are a slew of eco reports due from China. Markets are hoping to see a slight improvement, or at least some support of a soft landing. With the eurozone deep in recession and the US spring stall in full effect, investors are worried about the overall affects it will have on growth and exports from China.
The People’s Bank of China, the country’s central bank, lowered its daily reference rate by 0.22 percent, the most since March 12, to 6.2858 a dollar on Monday.
Export orders at China’s Canton Fair dropped 2.3 percent from a year ago, the first decline since 2009, the newspaper China Securities Journal reported on Monday.
Economic Reports for May 7-8, 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% |
||
|
May 08 |
GBP |
RICS House Price Balance |
-19% |
-10% |
-10% |
|
AUD |
Trade Balance |
-1.59B |
-1.40B |
-0.75B |
Upcoming Economic Events that affect the AUD, NZD, JPY and CNY
|
May 08 |
02:30 |
AUD |
Trade Balance |
-1.59B |
-1.40B |
-0.75B |
|
16:45 |
USD |
FOMC Member Fisher Speaks |
||||
|
May 10 |
02:30 |
AUD |
Employment Change |
-5.5K |
44.0K |
|
|
02:30 |
AUD |
Unemployment Rate |
5.3% |
5.2% |
||
|
Tentative |
CNY |
Chinese Trade Balance |
7.93B |
5.35B |
||
|
13:30 |
USD |
Import Price Index (MoM) |
-0.2% |
1.3% |
||
|
13:30 |
USD |
Trade Balance |
-50.0B |
-46.0B |
||
|
13:30 |
USD |
Initial Jobless Claims |
369K |
365K |
||
|
13:30 |
USD |
Continuing Jobless Claims |
3278K |
3276K |
||
|
14:30 |
USD |
Fed Chairman Bernanke Speaks |
||||
|
19:00 |
USD |
Federal Budget Balance |
30.0B |
-198.2B |
||
|
May 11 |
02:30 |
CNY |
Chinese PPI (YoY) |
-0.3% |
||
|
02:30 |
CNY |
Chinese CPI (MoM) |
0.2% |
|||
|
06:30 |
CNY |
Chinese Fixed Asset Investment (YoY) |
20.9% |
|||
|
06:30 |
CNY |
Chinese Industrial Production (YoY) |
11.9% |
|||
|
06:30 |
CNY |
Chinese Retail Sales (YoY) |
15.2% |
|||
|
13:30 |
USD |
Core PPI (MoM) |
0.3% |
|||
|
13:30 |
USD |
PPI (MoM) |
0.0% |
|||
|
14:55 |
USD |
Michigan Consumer Sentiment |
76.4 |
Government Bond Auctions (this week)
Date Time Country
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 a current USD/CNY Chart.
Originally posted here
