EUR/GBP Fundamental Analysis October 24, 2012 Forecast

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By FX Empire Analyst - Barry Norman
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EUR/GBP Fundamental Analysis October 24, 2012 Forecast

EUR/GBP Fundamental Analysis October 24, 2012 Forecast

Analysis and Recommendations:

The EUR/GBP is trading at 0.8138 dipping a few pips as the euro hit hard times today. Moody’s downgraded five Spanish regions (including Catalonia) and confirmed five others along disappointing European earnings, France’s disappointing business confidence (falling to a multiyear low of 85), and rumors that Mr. Bernanke will leave the Fed in January 2013 and upward pressure on Spanish yields for the third session.  The central bank of Spain released its estimate for Q3 GDP at -0.4% q/q, the silver lining in this estimate is that it is above the current consensus and is in line with the drop in Q2. The GBP was fairly low key today ahead of Thursday GDP report, leaving the pair to fall on the back of the euro.

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 23, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

Oct. 23

 

PLN

 

 

Polish Unemployment Rate 

12.40%

 

12.50%

 

12.40% 

 

 

GBP

 

 

BBA Mortgage Approvals 

31.2K

 

30.9K

 

30.7K 

 

 

CAD

 

 

Core Retail Sales (MoM) 

0.4%

 

0.2%

 

0.5% 

 

 

CAD

 

 

Retail Sales (MoM) 

0.3%

 

0.4%

 

0.7% 

 

 

CAD

 

 

Interest Rate Decision 

1.00%

 

1.00%

 

1.00% 

 

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Forecast

Previous

Oct. 24 

07:58

EUR

French Manufacturing PMI 

44.0

42.7 

 

08:28

EUR

German Manufacturing PMI 

48.0

47.4 

 

09:00

EUR

German Ifo Business Climate Index 

101.6

101.4 

 

09:00

EUR

German Current Assessment 

109.7

110.3 

 

09:00

EUR

German Business Expectations 

94.3

93.2 

 

11:00

GBP

CBI Industrial Trends Orders 

 

-8 

 

15:00

USD

New Home Sales

385K

373K

Oct.26 

07:00

EUR

GfK German Consumer Climate 

5.9

5.9 

 

08:00

CHF

KOF Leading Indicators 

1.67

1.67 

Government Bond Auction

Date Time Country 

Oct 24 09:10 Sweden 

Oct 24 09:30 Germany 

Oct 24 14:30 Sweden 

Oct 24 15:30 Italy  

Oct 24 16:30 US 

Oct 25 00:30 Japan 

Oct 25 09:10 Sweden 

Oct 25 15:30 Italy  

Oct 25 17:00 US 

Oct 26 09:10 Italy

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