By FXEmpire.com

Analysis and Recommendation:

The USD/JPY is trading at 79.46 as the yen remains strong. The US has dipped against most of its trading partners, off the positive eco data in housing and durable goods but also as investors prepare for the formal opening of the EcoFin Summit.

The dollar index has dipped.

Retail sales reported higher than forecast in Japan this morning giving an added boost to the yen. Although the Japanese government passed the controversial consumption tax increase, Prime Minister Noda’s coalition is at the verge of collapse after he invested all of his clout to get the bill passed. Moody’s stated that the passage of the legislation is being viewed as a credit positive move, as Japanese debt continues to soar and their AAA rating was threatened.

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 27-28, 2012 actual v. forecast

Date

Currency

Importance

Event

Actual

Forecast

Previous

USD

Core Durable Goods Orders (MoM)

0.4%

0.7%

-0.6%

USD

Durable Goods Orders (MoM)

1.1%

0.4%

-0.2%

USD

Pending Home Sales (MoM)

5.9%

1.0%

-5.5%

Jun. 28

JPY

Retail Sales (YoY)

3.6%

3.0%

5.7%

AUD

HIA New Home Sales (MoM)

0.7%

6.9%

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date

Time

Currency

Event

Previous

Jun 29

12:30

USD

Core PCE Price Index m/m

0.1%

12:30

USD

Personal Spending m/m

0.3%

13:45

USD

Chicago PMI

52.7

13:55

USD

Revised UoM Consumer Sentiment

74.1

Click here for further USD/JPY Forecast.

Originally posted here