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USD/JPY Fundamental Analysis December 21, 2012, Forecast
Analysis and Recommendation:

The USD/JPY eased off from earlier highs trading at 84.40 before dipping to 84.18 after the Bank of Japan announced a new round of asset buying adding 10trillion yen to their program, but holding the inflation rate at 0-1%.

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Turning up the heat, Abe made a rare, direct push for a higher inflation target when BOJ Governor Masaaki Shirakawa visited the headquarters of his Liberal Democratic Party (LDP) on Tuesday. “I told him that during my election campaign, I called for setting a policy accord with the BOJ and a 2 percent inflation target,” Abe told reporters. “The governor just listened,” he said when asked how Shirakawa responded.

The Bank of Japan turned a deaf ear to Mr. Abe’s demands. The LDP is now taking power and will continue to push the bank but making radical changes to economic policies.

With this meeting behind the markets, traders will see retail sales in the UK and Canada otherwise markets will be tuned to the US Fiscal Cliff on a very light data day. Rumors this morning say that Mr. Obama and Mr. Boehner have back pedaled since making progress yesterday. It is hard to tell what is posturing and rhetoric and what actuality is.

Traders in Japan are more positive to see Mr. Abe pushing strong monetary and economic policies.

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 20, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

 

 

NZD

 

 

GDP (QoQ) 

0.2%

 

0.4% 

 

0.3% 

   

 

 

NZD

 

 

Business Confidence 

22.70

 

 

 

26.40 

 

 

 

 

AUD

 

 

RBA Bulletin 

 

 

 

 

 

 

 

 

 

JPY

 

 

Interest Rate Decision 

 0.10%

 

0.10% 

 

0.10% 

 

 

 

 

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date

Time

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Dec. 21

01:45

 

NZD

 

 

Visitor Arrivals (MoM) 

 

 

 

 

-1.7% 

 

 

 

04:01

 

GBP

 

 

GfK Consumer Confidence 

 

 

-25 

 

-22 

 

 

 

06:00

 

NZD

 

 

Credit Card Spending

 

 

 

 

-0.9% 

 

 

 

09:00

 

JPY

 

 

BoJ Monthly Report 

 

 

 

 

 

 

 

 

Government Bond Auction

Date Time Country 

Dec 21 16:30 Italy  

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