EUR/USD Fundamental Analysis April 8, 2013 Forecast

Analysis and Recommendations:

The EUR/USD went on a roller coaster ride today ending close to 1.2992 up by 56 points. US employers hired at the slowest pace in nine months in March, a sign that Washington’s austerity drive could be stealing momentum from the economy. The economy added just 88,000 nonfarm jobs last month and the jobless rate ticked a tenth of a point lower to 7.6 per cent largely due to people dropping out of the work force, Labor Department data showed on Friday. Analysts suspected some of the weakness was due to tax hikes enacted in January. While retail sales data had not shown a big impact earlier in the year, retailers cut staff in March by 24,100.

It was unclear whether across-the-board federal budget cuts that began in March played a significant role in the weak pace of hiring, although nervousness over the cuts might have made businesses shy about taking on more staff.

Yesterday the euro gained after the European Central Bank said it expects a gradual economic recovery later this year but will monitor incoming data very closely and is ready to cut interest rates if necessary, its president said. Addressing a news conference after the ECB held rates at a record low 0.75 per cent, the highest level among the world’s major central banks, Mario Draghi said discussion at the monthly meeting had been extensive and the consensus was to hold fire. But he added that the ECB stood “ready to act” because there was no certainty that the euro zone economy would pick up. His comments sent the euro climbing to close to the 1.30 number

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 April 5, 2013 actual v. forecast

 

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

Government Bond Auction

Date Time Country 

Apr 08 09:10 Norway

Apr 08 09:30 Germany

Apr 08 15:30 Italy

Apr 09 08:10 Holland

Apr 09 09:15 Austria

Apr 09 17:00 US

Apr 10 09:10 Italy

Apr 10 09:30 Germany

Apr 10 09:30 Swiss

Apr 10 14:30 Sweden

Apr 10 17:00 US

Apr 11 12:30 Japan

Apr 11 09:10 Italy

Apr 11 09:10 Sweden

Apr 11 11:00 Norway

Apr 11 15:00 US

Apr 11 17:00 US

Apr 12 10:30 Belgium