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USD/JPY Fundamental Analysis, May 7, 2015 – Forecast

usdjpy wednesday  bnsnlaAnalysis and Recommendation:

The USD/JPY added 7 points to trade at 119.91 even though the US dollar eased in the morning session and the Japanese remain on holiday.  Data came on Tuesday from the Institute for Supply Management. The ISM’s non-manufacturing purchasing manager’s index came in at 57.8 in April, up from 56.5 in March, above forecasts, which had called for a slight slowdown. The unexpected rise in the index adds weight to the theory that the first quarter slowdown in the US economy was a blip, traders said.

The US dollar fell below the 120 level against the Japanese yen on Monday after comments from adviser to Japanese Prime Minister Abe.

The Japanese Yen is expected to trade higher today owing to rise in risk aversion in the market sentiments, thereby providing support to the safe haven currency. Also, weakness in the US Dollar Index will be supportive for the currency.

Amid lack of any major economic data from Japan, market participants look forward to the release of the nation services PMI data, scheduled later in the week.

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%

 

 

 usdjpy wed

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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