GBP/USD Fundamental Analysis October 24, 2012 Forecast

Posted October 23, 2012 16:17 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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GBP/USD Fundamental Analysis October 24, 2012 Forecast

Analysis and Recommendations:

The GBP/USD followed most European currencies giving way to the US dollar. The GBP is trading at 1.5929. The US dollar climbed in early trading on strong US economic outlook and on Moody’s downgrade of several Spanish regions.

GBPUSD has been trading within a relatively narrow range, close to its 50 day MA, with movement driven by broader market sentiment in the absence of high level domestic data ahead of Thursday’s Q3 GDP release. Mortgage approvals have come in better than expected, suggesting that the FLS is providing support to lending markets, and leaving market participants more confident with a view that the BoE remains on hold.

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 23, 2012 actual v. forecast

Date	Currency	Event	Actual	Forecast	Previous
Oct. 23	PLN	Polish Unemployment Rate	12.40%	12.50%	12.40%
	GBP	BBA Mortgage Approvals	31.2K	30.9K	30.7K
	CAD	Core Retail Sales (MoM)	0.4%	0.2%	0.5%
	CAD	Retail Sales (MoM)	0.3%	0.4%	0.7%
	CAD	Interest Rate Decision	1.00%	1.00%	1.00%

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 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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