By FXEmpire.com
Analysis and Recommendation:
The USD/JPY is trading at 78.92 as the Yen continues to pounce on the USD. The Yen had been strong against the USD for the past few sessions, but after the release of poor retail sales in the US, the pair began to plunge with the USD falling below the critical 79 price.
Today, Fed Chairman Bernanke is scheduled to testify before congress and markets are expecting some mention of monetary stimulus. Also the PBOC is meeting in China and rumors are that they will introduce a huge stimulus package.
As the JPY continues to get strong, the possibility of intervention by the Bank of Japan increases.
There is little in the way of eco data in Japan today, but the US will begin a week of critical data.
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 Releases for Monday, July 16, 2012 actual v. forecast (there is no major Asian eco data for July 17, 2012)
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 16 |
GBP |
Rightmove House Price Index (MoM) |
-1.7% |
1.0% |
|
|
EUR |
CPI (YoY) |
2.4% |
2.4% |
2.4% |
|
|
EUR |
Core CPI (YoY) |
1.6% |
1.6% |
1.6% |
|
|
USD |
Core Retail Sales (MoM) |
-0.4% |
0.1% |
-0.4% |
|
|
Foreign Securities Purchases |
26.11B |
13.50B |
10.16B |
||
|
USD |
Retail Sales (MoM) |
-0.5% |
0.2% |
-0.2% |
|
|
USD |
NY Empire State Manufacturing Index |
7.4 |
4.0 |
2.3 |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 18 |
0:30 |
AUD |
MI Leading Index m/m |
0.5% |
|
12:30 |
USD |
Building Permits |
0.78M |
|
|
12:30 |
USD |
Housing Starts |
0.71M |
|
|
14:30 |
USD |
Crude Oil Inventories |
-4.7M |
|
|
Jul 19 |
1:30 |
AUD |
NAB Quarterly Business Confidence |
-1 |
|
12:30 |
USD |
Unemployment Claims |
||
|
14:00 |
USD |
Existing Home Sales |
4.55M |
|
|
14:00 |
USD |
Philly Fed Manufacturing Index |
-16.6 |
|
|
Jul 20 |
1:30 |
AUD |
Import Prices q/q |
-1.2% |
Click here for updated USD/JPY News.
Originally posted here
