EUR/GBP Fundamental Analysis August 24, 2012, Forecast

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By FX Empire Analyst - Barry Norman
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Analysis and Recommendations:

The EUR/GBP  climbed by 0.0010 to trade at 0.7900, with optimism in the markets and the possibility of Fed monetary stimulus, the euro has been able to capture a lot of strength from the falling USD. The sterling is relatively weak ahead of tomorrow's GDP revision release. Today a positive Mortgage Approval report helped support the pound, but positive data as all PMI's reported above forecast offset the bump to the GBP.

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 August 23, 2012 actual v. forecast

Aug. 23

 

CNY

 

 

 

Chinese HSBC Manufacturing PMI 

47.80

 

 

 

49.30 

 

 

EUR

 

 

 

German GDP (QoQ) 

0.3%

 

0.3%

 

0.3% 

 

 

EUR

 

 

 

German GDP (YoY) 

0.5%

 

0.5%

 

0.5% 

 

 

EUR

 

 

 

French Manufacturing PMI 

46.2

 

43.6

 

43.4 

 

 

EUR

 

 

 

German Manufacturing PMI 

45.1

 

43.4

 

43.0 

 

 

SEK

 

 

 

Swedish Unemployment Rate 

7.00%

 

7.20%

 

8.80% 

 

 

EUR

 

 

 

Manufacturing PMI 

45.3

 

44.2

 

44.0 

 

 

NOK

 

 

 

Norwegian GDP (QoQ) 

1.2%

 

1.0%

 

1.5% 

 

 

GBP

 

 

 

BBA Mortgage Approvals 

28.4K

 

28.2K

 

25.9K 

 

 

GBP

 

 

 

CBI Distributive Trades Survey 

-3

 

15

 

11 

 

 

USD

 

 

 

Initial Jobless Claims 

372K

 

365K

 

368K 

 

 

USD

 

 

 

Continuing Jobless Claims 

3317K

 

3300K

 

3313K 

 

 

USD

 

 

 

New Home Sales 

 

 

365K

 

350K 

 

Upcoming Economic Events that affect the CHF, EUR, GBP and North American markets

Aug. 24

08:00

 

HUF

 

 

Hungarian Retail Sales (YoY) 

 

 

-2.40% 

 

-2.50% 

 

09:30

 

GBP

 

 

Business Investment (QoQ) 

 

 

2.8% 

 

1.9% 

 

09:30

 

GBP

 

 

GDP (QoQ) 

 

 

-0.5% 

 

-0.7% 

 

09:30

 

GBP

 

 

GDP (YoY) 

 

 

-0.6% 

 

-0.8% 

 

13:30

 

USD

 

 

Core Durable Goods Orders (MoM) 

 

 

0.5% 

 

-1.4% 

 

13:30

 

USD

 

 

Durable Goods Orders (MoM) 

 

 

2.4% 

 

1.3% 

Government Bond Auctions

Date  Time  Country 

23/8  05:45  Japan 

23/8  11:30  UK 

23/8  19:00  US 

27/8  11:30  Germany 

28/8  10:30  Spain

28/8  11:00  Italy 

28/8  19:00  US 

29/8  11:00  Italy 

29/8  19:00  US 

30/8  05:35  Japan

30/8  11:00  Italy 

30/8  19:00  US

 

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