By FXEmpire.com
Analysis and Recommendation: (close of Asian session)
The USD/JPY is holding tight at 80.38. This pair have been the benefactors of the risk aversion flight to safety, with each trying to get the upper hand. The yen has been overall the winner but the USD is battling back and keeping above the 80.00 psychological power point.
Traders continue to shed themselves of anything associated with the euro and European. Equities, commodities, currencies are all down with little support or volume.
The yields and bond results in Greece were surprising yesterday, but so was the call for new elections as the political parties still cannot form a government.
Each day the possibility of default or withdrawal from the euro magnifies. Yesterday there were reports that financial exchanges have begun placing the drachma back into trading mode.
Investors, speculators, politicians, bankers and analysts all seem to agree at this point that the best future for Greece would be the ability to print its own money, with its own central bank and steer its out destiny.
As this decision weighs on the markets the risk safe scenario will continue to prop up the yen and the USD. Each of the currencies has gain close to 0.03% on their trading partners.
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 May 15 – 16, 2012 actual v. forecast
|
EUR |
French CPI (MoM) |
0.1% |
0.3% |
0.8% |
|
|
EUR |
German GDP (QoQ) |
0.5% |
0.1% |
-0.2% |
|
|
EUR |
French Non-Farm Payrolls (QoQ) |
0.1% |
-0.2% |
-0.1% |
|
|
GBP |
Trade Balance |
-8.6B |
-8.4B |
-8.6B |
|
|
EUR |
GDP (QoQ) |
0.0% |
-0.2% |
-0.3% |
|
|
EUR |
German ZEW Economic Sentiment |
10.8 |
19.0 |
23.4 |
|
|
EUR |
ZEW Economic Sentiment |
-2.4 |
11.7 |
13.1 |
|
|
USD |
Core CPI (MoM) |
0.2% |
0.2% |
0.2% |
|
|
USD |
Core Retail Sales (MoM) |
0.1% |
0.2% |
0.8% |
|
|
USD |
CPI (MoM) |
0.0% |
0.1% |
0.3% |
|
|
USD |
Retail Sales (MoM) |
0.1% |
0.2% |
0.7% |
|
|
USD |
NY Empire State Manufacturing Index |
17.1 |
8.5 |
6.6 |
|
|
USD |
TIC Net Long-Term Transactions |
36.2B |
19.4B |
10.1B |
|
|
May 16 |
JPY |
Tertiary Industry Activity Index (MoM) |
-0.6% |
-0.3% |
0.0% |
|
AUD |
Westpac Consumer Sentiment |
0.80% |
-1.60% |
||
|
AUD |
Wage Price Index (QoQ) |
0.9% |
0.8% |
1.0% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
May 17 |
00:50 |
JPY |
GDP (QoQ) |
0.9% |
-0.2% |
|
00:50 |
JPY |
GDP Price Index (YoY) |
-1.4% |
-1.8% |
|
|
05:30 |
JPY |
Industrial Production (MoM) |
1.1% |
1.0% |
|
|
13:30 |
USD |
Initial Jobless Claims |
365K |
367K |
|
|
13:30 |
USD |
Continuing Jobless Claims |
3235K |
3229K |
|
|
15:00 |
USD |
Philadelphia Fed Manufacturing Index |
10.0 |
8.5 |
Originally posted here
