By FXEmpire.com
Analysis and Recommendation:
The USD/JPY is trading at 78.14 within a range that it has been stuck in most of the week. Regardless of statements or threats implied by the BoJ or the MoF, the strength of the JPY has not decreased. With markets in full risk aversion mode and the JPY the currency of choice, there is little to do to relieve the pressure.
Yesterday, new home sales in the US fell below expectations, which stirred up rumors of Fed stimulus at their August 1st meeting, thus the USD lost some momentum and the euro and the JPY picked up some strength.
Trade data were mixed, as an improvement in the balance contrasted with a contraction in y/y growth for exports and imports. BoJ Deputy Governor Yamaguchi stated that monitoring yen strength is ongoing as policymakers consider action. In opposition to yesterday’s comments by BoJ Sato, Yamagushi does not expect the BoJ to move towards foreign debt purchases
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 July 26, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 26 |
KRW |
South Korean GDP (QoQ) |
0.4% |
0.5% |
0.9% |
|
KRW |
South Korean GDP (YoY) |
2.4% |
2.6% |
2.8% |
|
|
JPY |
CSPI (YoY) |
-0.3% |
0.0% |
0.1% |
|
|
JPY |
BoJ Governor Shirakawa Speaks |
||||
|
SGD |
Singaporean Industrial Production (YoY) |
7.6% |
3.2% |
6.8% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 27 |
12:30 |
USD |
1.9% |
|
|
13:55 |
USD |
72.0 |
Click here for updated USD/JPY News.
Originally posted here
