GBP/USD Fundamental Analysis October 23, 2012 Forecast

Posted October 22, 2012 15:58 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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GBP/USD Fundamental Analysis October 23, 2012 Forecast

Analysis and Recommendations:

The GBP/USD climbed slightly in a quiet market to trade at 1.6033. Outside moves in the euro, this was the only pair to show significant activity. Sterling traded higher against the dollar on Monday and looked set to hold firm after a run of better UK data that have bolstered expectations the economy is emerging from recession.

It slipped to a four-month low against the euro however, after regional elections in Spain saw Spanish Prime Minister Mariano Rajoy gain backing in his home region of Galicia, a boost for his austerity-focused government.

Traders are expecting preliminary UK GDP data on Thursday to show the economy grew in the third quarter of 2012 after three consecutive quarters of contraction. But the UK economy has remained suspicious with on again off again data. Earlier retail sales and jobs reported positive numbers.

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 22, 2012 actual v. forecast

Date	Currency	Event	Actual	Forecast	Previous
Oct. 22	JPY	Trade Balance	-0.98T	-0.74T	-0.46T
	JPY	BoJ Governor Shirakawa Speaks
	TWD	Taiwanese Unemployment Rate	4.30%	4.30%	4.29%

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 23 08:30 Spain

Oct 23 14:30 UK

Oct 23 17:00 US

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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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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