Analysis and Recommendations: The GBP/USD continued to climb heading for the 1.63 price level ahead of the new year. The pair is trading at 1.6284 after
The GBP/USD continued to climb heading for the 1.63 price level ahead of the new year. The pair is trading at 1.6284 after the release of the MPC meeting minutes showing that the bank is not inclined to add additional stimulus at this time. Sterling hit a three-month high against the dollar on demand from US and Middle East investors and could see further gains if US politicians soon resolve budget problems, traders said. Traders said US and Middle East investors bought sterling and sold the dollar in early trade. The dollar was under pressure as investors sold the greenback and bought assets and currencies linked to growth on expectations that US lawmakers will strike a deal on the budget. The US ‘fiscal cliff’, a combination of tax rises and spending cuts due to kick-in at the beginning of 2013 has kept the dollar broadly weaker against the euro and the pound in recent sessions.
Minutes from the Bank of England’s Monetary Policy Committee showed policymakers expected the economy to remain flat in the near term but inflation to probably exceed 2 percent in the next year.
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 19, 2012 actual v. forecast
Date |
Time |
|
Currency |
|
Importance |
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 19 |
09:00 |
|
EUR |
|
|
German Ifo Business Climate Index |
102.4 |
|
102.0 |
|
101.4 |
|
||
|
09:00 |
|
EUR |
|
|
German Current Assessment |
107.1 |
|
108.0 |
|
108.1 |
|
||
|
09:00 |
|
EUR |
|
|
German Business Expectations |
97.9 |
|
96.3 |
|
95.2 |
|
||
|
09:30 |
|
GBP |
|
|
MPC Meeting Minutes |
|
|
|
|
|
|
||
|
11:00 |
|
GBP |
|
|
CBI Distributive Trades Survey |
19 |
|
25 |
|
33 |
|
||
|
13:30 |
|
USD |
|
|
Building Permits |
0.899M |
|
0.875M |
|
0.868M |
|
||
|
13:30 |
|
USD |
|
|
Housing Starts |
0.861M |
|
0.873M |
|
0.888M |
|||
|
13:30 |
|
CAD |
|
|
Wholesale Sales (MoM) |
0.9% |
|
1.0% |
|
-1.5% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 20 |
09:30 |
GBP |
0.3% |
-0.8% |
|
|
09:30 |
GBP |
1.5% |
0.6% |
|
Dec. 21 |
07:00 |
EUR |
5.9 |
5.9 |
|
|
09:30 |
GBP |
-14.0B |
-20.8B |
|
|
09:30 |
GBP |
1.0% |
1.0% |
|
|
09:30 |
GBP |
-0.1% |
-0.1% |
Government Bond Auction
Date Time Country
Dec 20 10:30 UK
Dec 20 16:30 Italy
Dec 20 18:00 US
Dec 21 16:30 Italy