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EUR/GBP Fundamental Analysis February 5, 2013, Forecast
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Analysis and Recommendations: The EUR/GBP is trading at 0.8619 losing 73pts today with the euro falling against its crosses and the GBP gaining. Sterling
The EUR/GBP is trading at 0.8619 losing 73pts today with the euro falling against its crosses and the GBP gaining. Sterling has been as popular of late as a shark in a swimming pool. Currency traders have steered well clear, and with good reason. But the selloff in the pound is looking overdone, say analysts, who think it is now safe to dip their toes back in the water. Against the euro especially, the pound has tumbled too far too quickly, having depreciated by about 7% in January alone, they say.
Sterling recovered on Monday as market players took profits from last week’s steep losses that sent it tumbling to a 15-month low against the Euro, but it remained vulnerable to UK economic worries.
The Euro was down 0.4 percent at 86.58 pence as it recovered from sharp gains on Friday when it rose more than 1.5 percent to hit 87.17 pence and posted its biggest daily percentage rise since October 2009. But any weakness in a purchasing managers’ survey of UK construction activity due at 0930 GMT could highlight the problems facing the UK economy and the risk of it slipping back into recession, putting the pound back under selling pressure.
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 February 4, 2013 actual v. forecast
|
Date |
Time |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
Feb. 04 |
00:30 |
|
AUD |
|
|
Building Approvals (MoM) |
-4.4% |
|
1.0% |
|
3.4% |
||
|
|
08:00 |
|
TRY |
|
|
Turkish CPI (MoM) |
1.65% |
|
1.14% |
|
0.38% |
|
|
|
|
08:00 |
|
EUR |
|
|
Spanish Unemployment Change |
132.10K |
|
150.00K |
|
-59.10K |
|
|
|
|
09:30 |
|
GBP |
|
|
Construction PMI |
48.7 |
|
49.1 |
|
48.7 |
|
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Feb. 06 |
11:00 |
EUR |
0.9% |
-1.8% |
|
|
Feb. 07 |
06:45 |
CHF |
-14 |
-17 |
|
|
|
09:30 |
GBP |
0.9% |
0.3% |
|
|
|
09:30 |
GBP |
0.8% |
-0.3% |
|
|
|
09:30 |
GBP |
-8.9B |
-9.2B |
|
|
|
09:30 |
GBP |
-2.1% |
-2.4% |
|
|
|
11:00 |
EUR |
0.2% |
0.2% |
|
|
|
12:00 |
GBP |
0.50% |
0.50% |
|
|
|
12:00 |
GBP |
375B |
375B |
|
|
|
12:45 |
EUR |
0.75% |
0.75% |
|
|
|
13:30 |
USD |
-1.2% |
2.9% |
|
|
|
13:30 |
USD |
3.0% |
-1.9% |
|
|
Feb. 08 |
05:30 |
CNY |
2.0% |
2.5% |
|
|
|
05:30 |
CNY |
-1.6% |
-1.9% |
|
|
|
05:30 |
CNY |
1.0% |
0.8% |
|
|
|
08:15 |
CHF |
2.0% |
2.9% |
|
|
|
13:30 |
USD |
-46.0B |
-48.7B |
Government Bond Auctions
Date Time Country
Feb 05 01:30 Japan
Feb 05 10:10 Greece
Feb 05 10:15 Austria
Feb 05 10:30 Belgium
Feb 05 10:30 UK
Feb 05 11:30 ESM
Feb 05 15:30 UK
Feb 06 10:10 Sweden
Feb 06 10:30 Germany
Feb 06 14:00 US
Feb 07 09:30 Spain
Feb 07 12:00 Norway
Feb 07 15:30 Sweden
Feb 07 09:50 France
Feb 07 16:30 Italy
Feb 08 11:30 Belgium
Feb 08 16:30 Italy
Feb 11 10:30 Germany
Feb 12 09:10 Holland
Feb 12 09:30 Spain
About the Author
Barry Normanauthor
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