GBP/USD Fundamental Analysis September 26, 2012 Forecast

Posted September 25, 2012 13:00 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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Analysis and Recommendations:

The GBP/USD was trading on the positive note at 1200GMT after BBA Mortgage Approvals climbed well above forecast as investors hoped this was the beginnings of a recovery for the UK housing market. At 1200GMT Sterling was exchanging at 1.6239

Constructive headlines are likely driving some of the relative outperformance vs. EUR in the absence of domestic data, as EURGBP falls to early September lows below 0.7950. MPC member Fisher has spoken about the BoE’s funding for lending scheme (FLS), suggesting that it will help mitigate some of the contraction in lending that would have been expected to occur in its absence. The FLS will provide £61bn in treasury bills to UK lenders in order to boost the supply of credit while helping to reduce funding costs.

The data released today, shows the efforts of the BoE are reaching the public.

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 September 25, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Sep. 25

AUD

RBA Financial Stability Review

EUR

GfK German Consumer Climate

5.9

5.9

PLN

Polish Unemployment Rate

12.40%

12.30%

GBP

BBA Mortgage Approvals

30.5K

28.6K

28.8K

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

Date	Time	Currency	Event	Forecast	Previous
Sep. 26	01:00	EUR	German CPI (MoM)	-0.1%	0.4%
	01:00	EUR	German CPI (YoY)	2.0%	2.1%
	11:00	GBP	CBI Distributive Trades Survey	5	-3
Sep. 27	08:55	EUR	German Unemployment Rate	6.8%	6.8%
	08:55	EUR	German Unemployment Change	10K	9K
	09:30	GBP	Current Account	-12.4B	-11.2B
	09:30	GBP	GDP (QoQ)	-0.5%	-0.5%
	09:30	GBP	GDP (YoY)	-0.5%	-0.5%
Sep. 28	07:45	EUR	French Consumer Spending (MoM)	-0.2%	0.1%
	08:00	CHF	KOF Leading Indicators	1.55	1.57

Government Bond Auction

Date Time Country

Sep 26 09:10 Italy

Sep 26 09:10 Sweden

Sep 26 09:00 Germany

Sep 26 14:30 Sweden

Sep 26 17:00 US

Sep 27 00:30 Japan

Sep 27 09:10 Italy

Sep 27 17:00 US

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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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