GBP/USD Fundamental Analysis August 17, 2012, Forecast

Posted August 16, 2012 17:00 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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Analysis and Recommendations:

The GBP/USD is trading at 1.5741 with the only positive data releases today, retails sales both month over month and year over year reported well over forecast. This can be accounted for by the Queens Jubilee and the Olympics.

On a day with huge amounts of negative eco data from the US, it did not take much to give the pound a bit of a bounce.

In the US today, eco data turned red, housing starts, unemployment and manufacturing wiped the smiles off of trader’s faces, but once again brought back rumors of stimulus money.

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 16, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 16

KRW

South Korean Unemployment Rate

3.1%

3.3%

3.2%

GBP

Retail Sales (MoM)

0.3%

-0.1%

0.8%

GBP

Retail Sales (YoY)

2.8%

1.4%

2.6%

EUR

CPI (YoY)

2.4%

2.4%

EUR

Core CPI (YoY)

1.7%

1.9%

1.6%

USD

Building Permits

0.812M

0.770M

0.760M

CAD

Foreign Securities Purchases

-7.89B

10.67B

26.11B

USD

Housing Starts

0.746M

0.757M

0.754M

CAD

Manufacturing Sales (MoM)

-0.40%

0.40%

-0.40%

USD

Initial Jobless Claims

366K

365K

364K

USD

Continuing Jobless Claims

3305K

3300K

3336K

USD

Philadelphia Fed Manufacturing Index

-7.1

-5.0

-12.9

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

Date	Time	Currency	Event	Forecast	Previous
Aug 17	6:00	EUR	German PPI m/m	0.4%	-0.4%
	8:00	EUR	Current Account	7.8B	10.9B
	13:55	USD	Prelim UoM Consumer Sentiment	72.5	72.3

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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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