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EUR/GBP Fundamental Analysis, May 7, 2015 – Forecast

eurgbp wednesday bnsAnalysis and Recommendations:

The EUR/GBP climbed 35 points to trade at 0.7401 as the pound remained weak ahead of tomorrow’s elections and positive headlines from Greece helped the euro to gain a bit of momentum.  Better than expected economic data have handed the Government a last-minute boost before the election, signaling that Britain’s economy is growing at the strongest pace in more than two years. Markit’s survey of private services firms signaled that growth in the sector hit an eight-month high in April, suggesting that slow growth in the first quarter may have just been a blip.

The British Pound to euro conversion collapses half a percent and reaches critical support zone.  The Eurozone’s economic growth remains as sluggish as ever while the United States shocked markets this week with the release of a poor set of GDP figures for the first three months of 2015.

“The domestic market showed solid leadership by providing the source of many of the new orders albeit at a more subdued level, with export orders still dragging their feet,” says David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply.

ForexTraq 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.

Today’s economic releases actual vs. forecast:

Cur.

 

Event

Actual

Forecast

Previous

 

 

 

 

Japan – Greenery Day

  NZD

 

Employment Change (QoQ)

0.7%

0.8%

1.2%

 

 

  AUD

 

Retail Sales (MoM) (Mar)

0.3%

0.4%

0.7%

 

 

  GBP

 

Services PMI (Apr)

59.5

58.5

58.9

 

 

  USD

 

ADP Nonfarm Employment

 

200K

189K

 

 

  USD

 

Fed Chair Yellen Speaks  

 

 

 

 

 

 eurgbp

Upcoming Economic Events that you should be monitoring:

Thursday, May 7, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  AUD

 

Employment Change (Apr)

 

5.0K

37.7K

 

 

  AUD

 

Full Employment Change (Apr)

 

 

31.5K

 

 

  AUD

 

Unemployment Rate (Apr)

 

6.2%

6.1%

 

 

  EUR

 

German Factory Orders (MoM) (Mar)

 

1.5%

-0.9%

 

 

  RUB

 

Central Bank reserves (USD)

 

 

353.5B

 

 

  USD

 

Initial Jobless Claims

 

280K

262K

 

 

  CAD

 

Building Permits (MoM) (Mar)

 

2.5%

-0.9%

   

Government Bond Auctions

Date Time Country

May 07 08:30 Spain Auctions 0.5% Oct 2017 Bono, 0.55%

May 07 09:10 France Auctions OATs

May 07 09:10 Sweden Holds inflation-linked bond auction

May 08 10:00 Norway Details bond auction on 12 May

May 08 15:30 Italy Announces details of BTP

May 12 09:15 Norway Holds bond auction

May 13 09:10 Italy Auctions BTPs/CCTeus

May 13 09:30 Germany Eur 3bn Feb 2025 Bund

May 13 14:30 Sweden Details bond auction on 20 May

May 14 09:30 UK Auctions 2% 2020 Conventional Gilt

 

 

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