Outlook and Recommendation
The USD/JPY closed the month at 79.80. The Bank of Japan introduced a new round of stimulus adding 11billion yen to their asset purchases and offering new ongoing unlimited programs. The initial market reaction was a negative, pushing the JPY higher but after time to re-evaluate the programs the JPY weakened. The JPY is on the defensive due to rapid economic deceleration, technical corrective forces, and intensifying monetary stimulus and credit easing activity.
Highest:80.38
|
Lowest:77.79
|
Difference:2.59
|
Average:79.02
|
Change %:2.25
|
Japans monetary policy decision confirmed that further easing is in prospect, weighing on the outlook for the Japanese yen (JPY) which weakened from 77 to 80 per USD over the past month. The Bank of Japan boosted its asset purchases by an additional 11 trillion yen (US$138 billion), initiated a new program to stimulate borrowing and made a joint commitment with the government to fight deflation, all with the broader goal of injecting further monetary stimulus to the Japanese economy and weighing down the yen. Global market participants have welcomed the resurgence of currency appreciation in China.
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 recent analysis and information in our weekly reports and we provide dailyupdates and outlooks.
Central Bank – The Bank of Japan
Date of next meeting or last meeting: Oct 30, 2012
Current Rate: 0.100%
Economic events for the month of November affecting AUD, JPY, NZD and USD
Date
|
Currency
|
Event
|
Forecast
|
Previous
| |
Nov 1
|
8:15am
|
USD
|
ADP Non-Farm Employment
|
139K
|
162K
|
8:30am
|
USD
|
Unemployment Claims
|
371K
|
369K
| |
10:00am
|
USD
|
CB Consumer Confidence
|
72.4
|
70.3
| |
10:00am
|
USD
|
ISM Manufacturing PMI
|
51.2
|
51.5
| |
8:30pm
|
AUD
|
PPI q/q
|
1.0%
|
0.5%
| |
Nov 2
|
8:30am
|
USD
|
Non-Farm Employment Change
|
123K
|
114K
|
8:30am
|
USD
|
Unemployment Rate
|
7.9%
|
7.8%
| |
Nov 4
|
8:30pm
|
AUD
|
Retail Sales m/m
|
0.2%
| |
8:30pm
|
AUD
|
Trade Balance
|
-2.03B
| ||
Nov 5
|
11:00am
|
USD
|
ISM Non-Manufacturing PMI
|
55.1
| |
11:30pm
|
AUD
|
Cash Rate
|
3.00%
|
3.25%
| |
11:30pm
|
AUD
|
RBA Rate Statement
| |||
Nov 6
|
4:00pm
|
NZD
|
RBNZ Financial Stability Report
| ||
Nov 7
|
5:45pm
|
NZD
|
Employment Change q/q
|
-0.1%
| |
5:45pm
|
NZD
|
Unemployment Rate
|
6.8%
| ||
8:30pm
|
AUD
|
Employment Change
|
14.5K
| ||
8:30pm
|
AUD
|
Unemployment Rate
|
5.4%
| ||
Nov 8
|
9:30am
|
USD
|
Trade Balance
|
-44.2B
| |
9:30am
|
USD
|
Unemployment Claims
| |||
8:30pm
|
AUD
|
RBA Monetary Policy Statement
| |||
Nov 9
|
10:55am
|
USD
|
Prelim UoM Consumer Sentiment
| ||
Nov 14
|
9:30am
|
USD
|
Core Retail Sales m/m
| ||
9:30am
|
USD
|
PPI m/m
| |||
9:30am
|
USD
|
Retail Sales m/m
| |||
Nov 15
|
9:30am
|
USD
|
Core CPI m/m
| ||
11:00am
|
USD
|
Philly Fed Manufacturing Index
| |||
Nov 18
|
5:45pm
|
NZD
|
Core Retail Sales q/q
| ||
5:45pm
|
NZD
|
PPI Input q/q
| |||
Nov 19
|
11:00am
|
USD
|
Existing Home Sales
| ||
9:30am
|
USD
|
Building Permits
| |||
Nov 21
|
10:30pm
|
CNY
|
HSBC Flash Manufacturing PMI
| ||
Nov 22
|
9:30am
|
USD
|
Unemployment Claims
| ||
Nov 27
|
9:30am
|
USD
|
Core Durable Goods Orders m/m
| ||
11:00am
|
USD
|
CB Consumer Confidence
| |||
Nov 28
|
11:00am
|
USD
|
New Home Sales
| ||
8:00pm
|
NZD
|
NBNZ Business Confidence
| |||
8:30pm
|
AUD
|
Private Capital Expenditure q/q
| |||
Nov 29
|
9:30am
|
USD
|
Prelim GDP q/q
| ||
9:30am
|
USD
|
Unemployment Claims
| |||
11:00am
|
USD
|
Pending Home Sales m/m
| |||
Nov 30
|
9:00pm
|
CNY
|
Manufacturing PMI
|
Click here a current USD/JPY Chart.
Originally posted here
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