By FXEmpire.com
Analysis and Recommendation:
The USD/JPY continues strong trading at 78.43. The dollar fell to levels around 78 yen in Tokyo trading Monday following dismal U.S. jobs data, but the downside was supported by growing wariness over possible yen-selling intervention by Japanese authorities.
The USD was quoted at 77.99-78.00 yen, down from 78.49-50 yen at the same time Friday. The euro was at 1 dollars.2416-2417, against 1 dollars.2348-2348 dollars, and at 96.84-87 yen, against 96.93-94 yen.
The dollar dipped below 78 yen in late trading after moving mostly in a tight range just above that level earlier in the day.
Traders remained wary that Japanese authorities could intervene in the currency market in a bid to stem the yen’s rise. “Traders are so cautious that they cannot sell [the dollar] further,” a Japanese bank official said.
The cautious mood was enhanced after central bank Gov. Masaaki Shirakawa said in a speech that he is closely watching the yen’s movements, traders said.
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 4 – 5, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
EUR |
Sentix Investor Confidence |
-28.9 |
-29.1 |
-24.5 |
|
|
USD |
Factory Orders m/m |
-0.6% |
0.3% |
-2.1% |
|
|
AUD |
AIG Services Index |
43.5 |
39.6 |
||
|
Jun 5 |
AUD |
Current Account |
-14.9B |
-14.1B |
-9.6B |
|
AUD |
Cash Rate |
3.50% |
3.50% |
3.75% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 6 |
1:30 |
AUD |
GDP q/q |
0.4% |
|
12:30 |
USD |
Revised Nonfarm Productivity q/q |
-0.5% |
|
|
14:30 |
USD |
Crude Oil Inventories |
||
|
18:00 |
USD |
Beige Book |
||
|
Jun 7 |
1:30 |
AUD |
Employment Change |
4.9% |
|
1:30 |
AUD |
Unemployment Rate |
15.5K |
|
|
12:30 |
USD |
Unemployment Claims |
383K |
|
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
||
|
23:50 |
JPY |
Current Account |
0.79T |
|
|
23:50 |
JPY |
Final GDP q/q |
1.0% |
|
|
Jun 8 |
1:30 |
AUD |
Trade Balance |
-1.59B |
|
1:30 |
AUD |
Home Loans m/m |
0.3% |
|
|
12:30 |
USD |
Trade Balance |
-51.8B |
|
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
Government Bond Auctions
Date Time Country
Jun 06 09:30 Germany
Jun 06 09:30 Portugal
Jun 06 14:30 UK
Jun 07 00:30 Japan
Jun 07 08:30 Spain
Jun 07 08:50 France
Jun 07 09:10 Sweden
Jun 07 15:00 US
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Click here a current USD/JPY Chart.
Originally posted here
