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EUR/USD Fundamental Analysis December 28, 2012, Forecast

By:
Barry Norman
Updated: Aug 21, 2015, 02:00 UTC

Analysis and Recommendations: The EUR/USD continued to climb today trading at 1.3273 as traders were more positive after US lawmakers returned to

EUR/USD Fundamental Analysis December 28, 2012, Forecast

EUR/USD Fundamental Analysis December 28, 2012, Forecast
EUR/USD Fundamental Analysis December 28, 2012, Forecast
Analysis and Recommendations:

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 

 

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