USD/JPY Fundamental Analysis October 5, 2012 Forecast

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Analysis and Recommendation:

The USD/JPY is trading at 78.59 in the Asian session today. The yen struggled at two-week lows against the dollar on Thursday, with wary speculators taking a pre-emptive move just in case the Bank of Japan surprises this week by easing policy. The market also gave the Australian dollar a wide berth, but left the euro pretty much alone against the greenback as investors waited for the outcome of the European Central Bank meeting.

With a change in leadership as Prime Minister Noda appoints and promotes new Ministers after his re-election no one can be sure of the direction of the MoF and the BoJ.

Japan’s new Finance Minister Jojima has spoken of his concerns about yen strength and has reiterated a readiness to take ‘bold action’.  Meanwhile other officials, including Vice FinMin Takemasa, are concerned about the prospect of the BoJ buying foreign bonds amid ongoing debate. Rumors hit the markets this morning saying that the BoJ would begin buying European Bonds through the ECB programs.

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 4, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Oct. 04

 

AUD

 

 

Building Approvals (MoM) 

6.4%

 

4.7% 

 

-21.2% 

   

 

 

AUD

 

 

Retail Sales (MoM) 

0.2%

 

0.4% 

 

-0.8% 

   

 

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date

Time

Currency

Event

Forecast

Previous

 Oct. 05

13:30

USD

Average Hourly Earnings (MoM) 

0.2% 

0.0% 

 

13:30

USD

Nonfarm Payrolls 

110K 

96K 

 

13:30

USD

Average Weekly Hours 

34.4 

34.4 

 

13:30

USD

Private Nonfarm Payrolls 

125K 

103K 

Government Bond Auction

Date Time Country   

Oct 05 15:30 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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