EUR/JPY Fundamental Analysis October 17, 2012 Forecast

Posted October 16, 2012 6:47 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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EUR/JPY Fundamental Analysis October 17, 2012 Forecast

Analysis and Recommendations:

The EUR/JPY is trading at 102.50 as the euro continues to climb against the weakened JPY. Most traders now agree that Spain will formally request a bailout at the EU Summit later this week, which should ease pressure off of the euro.

As to the pair’s counterpart, safe haven moves are slowly moving from the JPY and poor eco data is beginning to weigh on the currency. Industrial product fell again this month. The MoF also said yesterday that it may start buying euro bonds to help support the eurozone and to weaken the strength of the JPY.

The euro strengthened in Asian trade today as sentiment on debt-addled Greece improved, while the dollar got a boost against the yen thanks to better-than-expected US retail sales data. Concerns over Greece’s possible exit from the eurozone eased as regional leaders voiced support for giving debt-hit Athens more time to implement austerity reforms.

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 recent analysis and information in our weekly reports and we provide daily updates and outlooks

Economic Data October 16, 2012 actual v. forecast – there are no eco releases for the Asian markets today. Yesterday’s eco releases are below

Economic Data October 15, 2012 actual v. forecast

Date	Currency	Event	Actual	Forecast	Previous
Oct. 15	GBP	Rightmove House Price Index (MoM)	3.5%		-0.6%
	AUD	Home Loans (MoM)	1.8%	1.4%	-0.7%
	CNY	Chinese CPI (YoY)	1.9%	1.9%	2.0%
	CNY	Chinese PPI (YoY)	-3.6%	-3.6%	-3.5%
	CNY	Chinese CPI (MoM)	0.3%	0.4%	0.6%
	JPY	Industrial Production (MoM)	-1.6%	-1.3%	-1.3%
	TRY	Turkish Quarterly Unemployment Rate	8.40%	8.20%	8.00%
	CHF	PPI (MoM)	0.3%	0.2%	0.5%
	PLN	Polish CPI (YoY)	3.8%	3.9%	3.8%
	USD	Core Retail Sales (MoM)	1.1%	0.6%	1.0%
	USD	Retail Sales (MoM)	1.1%	0.8%	1.2%
	USD	NY Empire State Manufacturing Index	-6.2	-4.5	-10.4

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date	Time	Currency	Event	Forecast	Previous
Oct. 17	13:30	USD	Building Permits	0.810M	0.801M
	13:30	USD	Housing Starts	0.770M	0.750M

Government Bond Auction

Date Time Country

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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About: FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

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