By FXEmpire.com
Analysis and Recommendation:
The USD/JPY is trading at 79.32 having dipped from the high of 79.92 underscoring the prevailing bearish sentiment, bets against the euro surged to a record high in the latest week, while net long U.S. dollar positions extended gains, according to the Commodity Futures Trading Commission.
Against the yen, the euro fell 0.2 percent to 98.95 yen , with traders citing selling by model funds and Tokyo players dumping long positions in the pair.
Reflecting the brittle mood and the fall in the U.S. Treasury yields, the dollar dipped against the safe-haven yen to 79.32 yen, coming off the previous day’s high at 79.92 yen. The crucial support was seen at 77.65 yen hit on June 1.
Traders said any rise in the dollar may be curtailed by offers ahead of 80.00 yen. They added there are stop-loss orders above 80.00, and larger ones above 80.25 with the ascending 100-day moving average at 80.21 serving as a resistance.
Market sentiment though changed throughout the day on Monday after markets were buoyed on the news of a Spanish bailout. As the day progressed investors began to worry about the size of the bailout, the technical aspects of the funding of the bailout and the terms. The EU offered no explanations. Market elations turned to worries quickly.
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 11 – 12, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun 11 |
EUR |
French Industrial Production m/m |
1.5% |
0.1% |
-1.0% |
|
NZD |
REINZ HPI m/m |
1.7% |
-0.3% |
||
|
GBP |
RICS House Price Balance |
-16% |
-17% |
-19% |
|
|
JPY |
Tertiary Industry Activity m/m |
-0.3% |
0.4% |
-0.6% |
|
|
Jun 12 |
AUD |
NAB Business Confidence |
-2 |
4 |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
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 |
Originally posted here
