EUR/USD Fundamental Analysis October 26, 2012 Forecast

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By FX Empire Analyst - Barry Norman
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EUR/USD Fundamental Analysis October 26, 2012 Forecast

EUR/USD Fundamental Analysis October 26, 2012 Forecast

Analysis and Recommendations:

The EUR/USD  declined to trade at 1.2959 today. The greenback turned higher against the euro as rumors circulated about Fitch Ratings downgrading the U.S. The euro turned down to $1.2951 after briefly topping $1.30 and compared with from $1.2971 Wednesday.

A Fitch spokesman declined to comment, according to Dow Jones Newswires. Fitch still rates the U.S. as AAA with a negative outlook, though Fitch analysts previously said that may stay until late 2013, according to Dow Jones.

Earlier, data from the European Central Bank showed broad money supply growth slowed in September while loans to the private-sector fell — not something that indicates the ECB’s loose policy is filtering through to borrowers. 

Traders will now watch for an update on US GDP.

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 25, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

Oct. 25

 

HUF

 

 

Hungarian Retail Sales (YoY) 

-2.40%

 

-2.20% 

 

-2.60% 

 

 

SEK

 

 

Swedish Interest Rate Decision 

1.25%

 

1.25% 

 

1.25% 

 

 

GBP

 

 

GDP (QoQ) 

1.0%

 

0.6% 

 

-0.4% 

 

 

GBP

 

 

GDP (YoY) 

0.0%

 

-0.5% 

 

-0.5% 

 

 

BRL

 

 

Brazilian Unemployment Rate 

5.4%

 

5.3% 

 

5.3% 

 

 

USD

 

 

Core Durable Goods Orders (MoM) 

2.0%

 

0.8% 

 

-2.1% 

 

 

USD

 

 

Durable Goods Orders (MoM) 

9.9%

 

7.1% 

 

-13.1% 

 

 

USD

 

 

Initial Jobless Claims 

369K

 

370K 

 

392K 

 

 

USD

 

 

Continuing Jobless Claims 

3254K

 

3255K 

 

3256K 

 

 

MXN

 

 

Mexican Trade Balance 

0.234B

 

-1.318B 

 

-0.979B 

 

 

USD

 

 

Pending Home Sales (MoM) 

0.3%

 

2.1% 

 

-2.6% 

 

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

Date

Time

Currency

Event

Forecast

Previous

Oct. 26 

07:00

EUR

GfK German Consumer Climate 

5.9 

5.9 

 

08:00

CHF

KOF Leading Indicators 

1.63 

1.67 

 

13:30

USD

GDP (QoQ) 

1.9% 

1.3% 

 

14:55

USD

Michigan Consumer Sentiment 

83.0 

83.1 

Government Bond Auction

Date Time Country 

Oct 26 09:10 Italy

 

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