By FXEmpire.com
Analysis and Recommendation: (close of Asian session)
The USD/JPY is trading at 79.47. The yen is moving upwards in morning trade as the BoJ surprised markets holding rates and policy. Ignoring political and economic pressure the BoJ remained firm. Equities tumbled but the currency climbed.
Yesterday, the OECD warned Japan on its current debt to growth ratios and its current economic policy. Also Moody’s and Fitch downgraded Japan’s credit rating and changed their status to negative outlook.
Markets remain in risk aversion – safety mode, as the yen continued to trade strongly.
The EU summit will begin today, and EU leaders are being pushed to come up with some positive solutions and long term plans, which they have ignored in the future. Markets are hoping with the replacement of Sarkozy with Hollande that Mr. Hollande will promote fresh ideas and actions.
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 for May 22-23, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
GBP |
CPI (MoM) |
0.6% |
0.6% |
0.3% |
|
|
USD |
Existing Home Sales |
4.62M |
4.60M |
4.47M |
|
|
May 23 |
JPY |
Trade Balance |
-0.48T |
-0.60T |
-0.62T |
|
JPY |
Interest Rate Decision |
0.10% |
0.10% |
0.10% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
May 24 |
2:00 |
NZD |
|
|
5:00 |
JPY |
||
|
12:30 |
USD |
-0.8% |
|
|
12:30 |
USD |
||
|
12:30 |
USD |
-4.0% |
|
|
23:30 |
JPY |
-0.5% |
|
|
May 25 |
TBD |
ALL |
|
|
13:55 |
USD |
Click here a current USD/JPY Chart.
Originally posted here
