GBP/USD Fundamental Analysis October 23, 2012 Forecast

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GBP/USD Fundamental Analysis October 23, 2012 Forecast

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

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