EUR/GBP Fundamental Analysis October 15, 2012 Forecast
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EUR/GBP Fundamental Analysis October 15, 2012 Forecast
The EUR/GBP moved upwards today, to trade at 0.8070 The cross turned higher annulling almost all of its two-day declines and opening the door for more upside risks. This leaves the possibility of a return to the 0.8112/19 levels on the cards. A clearance of here will open the door for a run at the 0.8154 level and then the 0.8200 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, support lies at the 0.8020 level where a violation will set the stage for a move further lower towards the 0.7950 level. Further support lies at the 0.7890 level. A cap is likely to occur and turn it higher. However, if here fails, further downside could develop further towards the 0.7811 level followed by its key support located at 0.7761. All in all, the cross remains biased to the in the short.
The euro continued to move higher throughout the day, but remained well within its recent range, while global equities advanced as eurozone optimism picks up ahead of the weekend. While the timing of a Spanish bailout remains highly uncertain, there is growing consensus that an aid request it is more likely than not after S&P downgraded Spain’s rating on Thursday. As such a request would trigger ECB bond buying program and lead to a further reduction in the eurozone bond yields, it could at least a near-term boost to the euro and most risk-sensitive assets.
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 October 12, 2012 actual v. forecast
|
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
Oct. 12 |
|
JPY |
|
|
Tertiary Industry Activity Index (MoM) |
0.4% |
|
0.5% |
|
-1.9% |
||
|
|
|
INR |
|
|
Indian Industrial Production (YoY) |
2.7% |
|
1.1% |
|
-0.2% |
||
|
|
|
EUR |
|
|
Industrial Production (MoM) |
0.6% |
|
-0.4% |
|
0.6% |
|
|
|
|
|
USD |
|
|
Core PPI (MoM) |
0.0% |
|
0.2% |
|
0.2% |
|
|
|
|
|
USD |
|
|
PPI (MoM) |
1.1% |
|
0.7% |
|
1.7% |
|
|
|
|
|
USD |
|
|
PPI (YoY) |
2.1% |
|
1.8% |
|
2.0% |
|
|
|
|
|
USD |
|
|
Core PPI (YoY) |
2.3% |
|
2.5% |
|
2.5% |
|
|
|
|
|
USD |
|
|
Michigan Consumer Sentiment |
83.1 |
|
78.0 |
|
78.3 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Oct. 15 |
08:15 |
CHF |
0.5% |
Government Bond Auction
Date Time Country
Oct 15 09:10 Slovakia
Oct 15 10:00 Norway
Oct 16 08:30 Spain
Oct 16 09:10 Greece
Oct 16 09:30 Belgium
Oct 17 09:10 Sweden
Oct 17 09:30 Germany
Oct 17 09:30 Portugal
Oct 17 10:00 Norway
Oct 17 14:30 Sweden
Oct 18 08:30 Spain
Oct 18 08:50 France
Oct 18 09:30 UK
Oct 18 09:50 France
Oct 18 14:30 Sweden
Oct 18 15:00 US
Oct 18 17:00 US
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