By FXEmpire.com

Analysis and Recommendation: (close of Asian session)

The USD/JPY continues to mount strength trading at 79.79 as worried investors continue to run for cover.

The safe haven of the yen, has pushed the value to such a high level, that the Minister of Finance has publicly warned markets about speculation stating that the BoJ would intercede.

Worries emanating from the eurozone continue to push investors to the yen. Yesterday saw commodities fall as gold touched below the 1600 price level and oil continues to trade in the 96.00 range.

At present market sentiment is all about risk aversion. There is little in the way of eco news until later in the week, when China, the UK and the US have some important data that might affect currency values.

Economic Reports for May 8-9, 2012 actual v. forecast

May 8

EUR

German Industrial Production (MoM)

2.8%

0.8%

-0.3%

CAD

Housing Starts

244.9K

204.0K

214.8K

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

May 10

02:30

AUD

Employment Change

-5.5K

44.0K

02:30

AUD

Unemployment Rate

5.3%

5.2%

TBD

CNY

Chinese Trade Balance

7.93B

5.35B

13:30

USD

Import Price Index (MoM)

-0.2%

1.3%

13:30

USD

Trade Balance

-50.0B

-46.0B

13:30

USD

Initial Jobless Claims

369K

365K

13:30

USD

Continuing Jobless Claims

3278K

3276K

14:30

USD

Fed Chairman Bernanke Speaks

19:00

USD

Federal Budget Balance

30.0B

-198.2B

May 11

02:30

CNY

Chinese PPI (YoY)

-0.3%

02:30

CNY

Chinese CPI (MoM)

0.2%

06:30

CNY

Chinese Fixed Asset Investment (YoY)

20.9%

06:30

CNY

Chinese Industrial Production (YoY)

11.9%

06:30

CNY

Chinese Retail Sales (YoY)

15.2%

13:30

USD

Core PPI (MoM)

0.3%

13:30

USD

PPI (MoM)

0.0%

14:55

USD

Michigan Consumer Sentiment

76.4

Government Bond Auctions (this week)

Date Time Country

May 10 15:00 US

May 10 17:00 US

May 11 09:10 Italy BOT auction

May 11 10:00 Belgium

Click here a current USD/JPY Chart.

Originally posted here