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GBP/USD Fundamental Analysis November 1, 2012, Forecast
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Analysis and Recommendations: The GBP/USD is trading at 1.6104 gaining some momentum today. Sterling is stronger, up 0.3% with gains driven by broader
The GBP/USD is trading at 1.6104 gaining some momentum today. Sterling is stronger, up 0.3% with gains driven by broader market sentiment in the absence of domestic data. Congestion for GBP remains around the 50 day MA (1.6054), and tomorrow’s manufacturing PMI release is not likely to drive much movement despite expectations for a slight decline to 48.0 from 48.4. Monday’s services PMI release and the BoE meeting on November 8th are of greater importance, and should provide continued support to GBP. Traders will also wait for the US nonfarm payroll report on Friday which will have an effect on the strength of the US as presidential elections near.
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 October 31, 2012 actual v. forecast
|
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
Oct. 31 |
|
AUD |
|
|
Building Approvals (MoM) |
7.8% |
|
1.0% |
|
8.8% |
|
|
|
EUR |
|
|
French Consumer Spending (MoM) |
0.1% |
|
0.2% |
|
-0.8% |
|
|
|
EUR |
|
|
CPI (YoY) |
2.5% |
|
2.5% |
|
2.6% |
|
|
|
EUR |
|
|
Unemployment Rate |
11.6% |
|
11.5% |
|
11.5% |
|
|
|
CAD |
|
|
GDP (MoM) |
-0.1% |
|
0.2% |
|
0.2% |
|
|
|
USD |
|
|
Employment Cost Index (QoQ) |
0.4% |
|
0.5% |
|
0.5% |
|
|
|
USD |
|
|
Chicago PMI |
49.9 |
|
51.0 |
|
49.7 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Nov. 01 |
02:00 |
CNY |
|
49.80 |
|
|
|
08:00 |
GBP |
0.2% |
-0.4% |
|
|
|
09:15 |
CHF |
4.2% |
5.9% |
|
|
|
09:30 |
CHF |
44.5 |
43.6 |
Government Bond Auction
Date Time Country
Nov 01 10:10 Sweden
Nov 01 10:30 UK
About the Author
Barry Normanauthor
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