By FXEmpire.com
Analysis and Recommendation:
The USD/JPY is holding under the 80. price level at 79.29. The yen gained versus all its major counterparts before data forecast to show German exports fell in April amid concern the European debt crisis is hurting the region’s economy, boosting demand for haven currencies.
The Dollar Index rebounded from a near one-week low as Asian stocks dropped even after China cut interest rates for the first time since 2008 to stimulate growth. The yen maintained a weekly loss versus the dollar on speculation the Bank of Japan will debate overhauling its asset-buying program next week.
The yen gained 0.7 percent to 99.33 per euro as of 1:14 p.m. in Tokyo from the close yesterday in New York. The Japanese currency added 0.4 percent to 79.33 per dollar, still set to lose 1.7 percent this week. The 17-nation euro declined 0.3 percent to $1.2518.
The news of a rate cut by the PBoC, the first since 2008, in hopes of stimulating the sagging Chinese economy, did not have much of an effect on the JPY.
Gains in the yen were limited against the dollar as BOJ Governor Masaaki Shirakawa and his board prepares to meet June 14-15 after the central bank missed targets for bond purchases twice in May. The disruptions to the central bank’s program coincide with increasing pressure from Japanese lawmakers for Shirakawa to step up efforts to support the economy, which is forecast to slow after it strengthened last quarter.
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 June 7 – 8, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
CHF |
Foreign Currency Reserves |
303.8B |
237.6B |
||
|
GBP |
Halifax HPI m/m |
0.5% |
0.3% |
-2.3% |
|
|
CHF |
CPI m/m |
0.0% |
0.1% |
0.1% |
|
|
GBP |
Services PMI |
53.3 |
52.6 |
53.3 |
|
|
EUR |
Spanish 10-y Bond Auction |
6.04|3.3 |
5.74|2.4 |
||
|
EUR |
French 10-y Bond Auction |
2.46|2.0 |
2.96|2.0 |
||
|
GBP |
Asset Purchase Facility |
325B |
325B |
325B |
|
|
GBP |
Official Bank Rate |
0.50% |
0.50% |
0.50% |
|
|
USD |
Unemployment Claims |
377K |
381K |
389K |
|
|
Ivey PMI |
60.5 |
53.5 |
52.7 |
||
|
JPY |
Current Account |
0.29T |
0.62T |
0.79T |
|
|
JPY |
Final GDP q/q |
1.2% |
1.1% |
1.0% |
|
|
Jun 8 |
AUD |
Trade Balance |
-0.20B |
-0.92B |
-1.28B |
|
AUD |
Home Loans m/m |
0.2% |
0.1% |
0.8% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jun 11 |
23:50 |
JPY |
Tertiary Industry Activity m/m |
-0.6% |
|
|
Jun 12 |
1:30 |
AUD |
NAB Business Confidence |
4 |
|
|
12th-14th |
NZD |
REINZ HPI m/m |
-0.3% |
||
|
12:30 |
USD |
Import Prices m/m |
-0.5% |
||
|
18:00 |
USD |
Federal Budget Balance |
59.1B |
||
|
23:50 |
JPY |
Core Machinery Orders m/m |
-2.8% |
||
|
Jun 13 |
0:30 |
AUD |
Westpac Consumer Sentiment |
0.8% |
|
|
12:30 |
USD |
PPI m/m |
-0.2% |
||
|
12:30 |
USD |
Retail Sales m/m |
0.1% |
||
|
14:00 |
USD |
Business Inventories m/m |
0.3% |
||
|
14:30 |
USD |
Crude Oil Inventories |
-0.1M |
||
|
21:00 |
NZD |
Official Cash Rate |
2.50% |
2.50% |
|
|
21:00 |
NZD |
RBNZ Press Conference |
|||
|
21:00 |
NZD |
RBNZ Monetary Policy Statement |
|||
|
Jun 14 |
1:00 |
AUD |
MI Inflation Expectations |
3.1% |
|
|
12:30 |
USD |
Core CPI m/m |
0.2% |
||
|
12:30 |
USD |
Unemployment Claims |
377K |
||
|
12:30 |
USD |
CPI m/m |
0.0% |
||
|
12:30 |
USD |
Current Account |
-124B |
||
|
Jun 15 |
12:30 |
USD |
Empire State Manufacturing Index |
17.1 |
|
|
13:00 |
USD |
TIC Long-Term Purchases |
36.2B |
||
|
13:15 |
USD |
Capacity Utilization Rate |
79.2% |
||
|
13:15 |
USD |
Industrial Production m/m |
1.1% |
||
|
13:55 |
USD |
Prelim UoM Consumer Sentiment |
79.3 |
Click here for updated USD/JPY News.
Originally posted here
