Analysis and Recommendations: The EUR/USD continued to climb today trading at 1.3273 as traders were more positive after US lawmakers returned to
The EUR/USD continued to climb today trading at 1.3273 as traders were more positive after US lawmakers returned to Washington and are back at serious negotiations. President Obama cut his holiday vacation short to return also as the White House and Congress move closer to a deal to avoid automatic budget cuts and tax changes. The euro is up 0.3% from yesterday’s close, trading within a relatively narrow range as the 7-session range remains bound between 1.3150 and 1.3300. PM Monti has yet to confirm rumors of his plans to run in the upcoming election. News today hit the headlines as Bankia and other Spanish banks are in worse shape than expected which will mean additional money from the eurozone.
Treasury Secretary Geithner is planning to employ ‘extraordinary measures’ on December 31, in order to avoid breaching the debt ceiling while allowing for government to operate through February and bi-partisan talks are set to resume for the first time since last Friday.
In the US today, jobless data was mixed but overall market neutral and New Home Sales reported slightly below forecast but within range also having little effect on market prices.
Global focus will remain on the US as lawmakers will hopefully have a deal on the table tomorrow.
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 December 27, 2012 actual v. forecast
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 27 |
|
GBP |
|
|
BBA Mortgage Approvals |
33.6K |
|
34.6K |
|
33.1K |
||
|
|
USD |
|
|
Initial Jobless Claims |
350K |
|
360K |
|
362K |
||
|
|
USD |
|
|
Continuing Jobless Claims |
3206K |
|
3200K |
|
3238K |
||
|
|
MXN |
|
|
Mexican Trade Balance |
-1.273B |
|
-0.700B |
|
-1.647B |
|
|
|
|
USD |
|
|
CB Consumer Confidence |
65.1 |
|
70.0 |
|
71.5 |
||
|
|
USD |
|
|
New Home Sales |
377K |
|
378K |
|
361K |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
Date |
Time |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 28 |
07:45 |
|
EUR |
|
|
French Consumer Spending (MoM) |
|
|
0.1% |
|
-0.2% |
|
|
|
07:45 |
|
EUR |
|
|
French GDP (QoQ) |
|
|
0.2% |
|
0.2% |
|
|
|
08:30 |
|
SEK |
|
|
Swedish Retail Sales (MoM) |
|
|
0.20% |
|
-1.70% |
|
|
|
10:10 |
|
EUR |
|
|
Italian 10-Year BTP Auction |
|
|
|
|
4.45% |
|
|
|
14:45 |
|
USD |
|
|
Chicago PMI |
|
|
51.0 |
|
50.4 |
|
|
|
15:00 |
|
USD |
|
|
Pending Home Sales (MoM) |
|
|
1.0% |
|
5.2% |
|
Upcoming Economic Events that affect the CAD and USD
Government Bond Auction
Date Time Country
None Scheduled Until 2013