By FXEmpire.com
Analysis and Recommendation: (close of Asian session)
The USD/JPY remains strong at 79.84. The JPY’s appreciation eased somewhat over the last few months, but has regained ground in recent weeks as a safe-haven asset amid growing concerns about Europe’s sovereign debt crisis and its potential impact on the global economy.
Yesterday reports showed Japan’s current account surplus logged the sharpest fall on record in fiscal 2011, as slower exports, growing imports, the strong yen and higher prices for crude oil and other commodities conspired against it, the Finance Ministry said Thursday.
The yen’s surge to historic levels against the dollar and other major currencies last year blunted the competitive edge of major exporters, crippling automakers and high-tech manufacturers, while imports expanded on growing energy costs. This compounded by little consumer demand for autos and electronics in this economic climate has reduced Japan’s exports.
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Economic Data for May 10-11, 2012 actual v. forecast
|
EUR |
Dutch CPI (YoY) |
2.40% |
2.40% |
2.50% |
|
|
GBP |
Industrial Production (MoM) |
-0.3% |
-0.3% |
0.4% |
|
|
GBP |
Manufacturing Production (MoM) |
0.9% |
0.5% |
-1.1% |
|
|
GBP |
Industrial Production (YoY) |
-2.6% |
-2.6% |
-2.3% |
|
|
GBP |
Interest Rate Decision |
0.50% |
0.50% |
0.50% |
|
|
GBP |
BOE QE Total |
325B |
325B |
325B |
|
|
USD |
Import Price Index (MoM) |
-0.5% |
-0.2% |
1.5% |
|
|
Trade Balance |
0.4B |
1.0B |
0.3B |
||
|
USD |
Trade Balance |
-51.8B |
-50.0B |
-45.4B |
|
|
USD |
Initial Jobless Claims |
367K |
369K |
368K |
|
|
USD |
Continuing Jobless Claims |
3229K |
3278K |
3290K |
|
|
GBP |
NIESR GDP Estimate |
0.1% |
-0.2% |
||
|
USD |
Federal Budget Balance |
59.1B |
30.0B |
-198.2B |
|
|
May 11 |
GBP |
Nationwide Consumer Confidence |
44 |
52 |
53 |
|
CNY |
Chinese CPI (YoY) |
3.4% |
3.3% |
3.6% |
|
|
CNY |
Chinese PPI (YoY) |
-0.7% |
-0.5% |
-0.3% |
|
|
CNY |
Chinese CPI (MoM) |
-0.1% |
-0.2% |
0.2% |
Upcoming Economic Events that affect the AUD, NZD, JPY, CNY and USD
|
May 14 |
02:30 |
AUD |
Home Loans (MoM) |
-2.5% |
|
|
May 16 |
01:30 |
AUD |
Westpac Consumer Sentiment |
-1.60% |
|
|
02:30 |
AUD |
Wage Price Index (QoQ) |
1.0% |
||
|
23:45 |
NZD |
PPI Input (QoQ) |
0.5% |
||
|
May 17 |
00:50 |
JPY |
GDP (QoQ) |
0.9% |
-0.2% |
|
05:30 |
JPY |
Industrial Production (MoM) |
1.0% |
Government Bond Auctions (this week)
Date Time Country
May 14 08:30 Spain
May 14 09:10 Italy
May 14 09:10 Slovakia
May 14 09:10 Norway
May 14 09:30 Germany
May 14 10:00 Norway
May 15 09:30 Belgium
May 15 09:30 UK
May 16 08:50 France
May 16 09:10 Sweden
May 16 09:30 Germany
May 16 09:50 France
May 16 14:30 Sweden
May 17 08:30 Spain
May 17 15:00 US
May 17 17:00 US
Originally posted here
