USD/JPY Fundamental Analysis February 24, 2012, Forecast

Economic Events: (GMT)

It is a quiet day for economic data throughout the world.

Feb 23GMT

22:30                    AUD                                                      RBA Governor Stevens Speaks

Reserve Bank of Australia (RBA) Governor Glenn Stevens (September 2006 – September 2013) is to speak. As the head of the RBA, which sets short term interest rates, he has a major influence over the value of the Australian dollar. Traders watch his speeches closely as they are often used to drop subtle hints regarding future monetary policy and interest rate shifts. After surprising the markets last week and holding rates, today’s comments might have some effects on the Aussie

Analysis and Recommendation: ( close of Asian session )

USD/JPY  rose to ¥80.24 from ¥79.73 in North American trading Tuesday. The pair hasn’t closed above the 80-level since mid-July.  During the Asian session to pair rose to end the day at ¥80.18

The yen has been on a downward trend recently against the greenback, which has risen 5.1% just in February so far. The USD has been benefiting against the yen as U.S. yields rise, which analysts say has been a bigger factor than actual intervention by Japanese authorities or comments about the currency’s strength.

Wednesday February 22, 2012 Economic Reports     actual v. forecast

 

 AUD

 

 

 

Wage Price Index (QoQ)

1.0%

 

0.8%

 

0.7%

 

 

 

NZD

 

 

 

Credit Card Spending (YoY)

3.1%

     

5.9%

 

 

 

EUR

 

 

 

French CPI (MoM)

-0.4%

 

0.3%

 

0.4%

 

 

 

EUR

 

 

 

French Manufacturing PMI 

50.2

 

48.7

 

48.5

 

 

 

EUR

 

 

 

French Services PMI 

50.3

 

51.9

 

52.3

 

 

 

EUR

 

 

 

German Manufacturing PMI 

50.1

 

51.5

 

51.0

 

 

 

EUR

 

 

 

German Services PMI 

52.6

 

53.8

 

53.7

 

 

 

TWD

 

 

 

Taiwanese GDP (YoY)

1.9%

 

1.9%

 

1.9%

 

 

 

EUR

 

 

 

Italian CPI (MoM)

0.3%

 

0.3%

 

0.3%

 

 

 

EUR

 

 

 

Manufacturing PMI 

49.0

 

49.4

 

48.8

 

 

 

EUR

 

 

 

Services PMI 

49.4

 

50.7

 

50.4

 

 

 

GBP

 

 

 

MPC Meeting Minutes

         

 

 

 

EUR

 

 

 

Industrial New Orders (MoM)

1.9%

 

0.6%

 

-1.1%

   

 

EUR

 

 

 

German 2-Year Schatz Auction

0.250%

       

 

 

 

USD

 

 

 

MBA Mortgage Applications

-4.5%

     

-1.0%

 

 

 

EUR

 

 

 

Spanish Trade Balance

-4.50B

 

-3.10B

 

-2.70B

 

 

 

EUR

 

 

 

Belgium NBB Business Climate

-7.7

 

-8.5

 

-9.5

 

 

 

MXN

 

 

 

Mexican Retail Sales (YoY)

3.5%

 

6.5%

 

7.5%

 

 

 

USD

 

 

 

Existing Home Sales

4.57M

 

4.67M

 

4.38M

   

 

Sovereign Bond Auction Schedule

Feb 24  10:10  Italy   Auctions CTZ/BTP

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