By FXEmpire.com
Analysis and Recommendations:
Gold bounced around all day today, after it regained some strength during yesterday’s session after trimming its early session losses and is trading at 1561.35 an ounce. Elevating worries over Spain’s financial system and weak euro continued to pressurize bullion investors. Persisting hassles from Greece and Spain dragged down the Euro to multi year lows while the dollar index rallied to its highest level since September 2010. US home sales figures in April unexpectedly fell to its four month low. However investors will closely watch the string of US data including Nonfarm payrolls, GDP and Chinese official purchasing managers index due on tomorrow to get fresh cues on gold’s direction. General Election in Greece next month is the upcoming crucial event for Euro to be watched out.
Gold is down by 0.20% and the dollar rose alongside equities, as Federal Reserve minutes showed central bankers may need for more monetary stimulus to sparkle growth as economic growth shows resilience and as investments in equity falls. Silver fell by 0.23% as STFs in New York and London sold precious metals to book profits.
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 for May 31, 2012 actual v. forecast
|
Currency |
Event |
Actual |
Forecast |
Previous |
|
JPY |
Industrial Production (MoM) |
0.2% |
0.5% |
1.3% |
|
AUD |
Building Approvals (MoM) |
-8.7% |
0.7% |
6.0% |
|
AUD |
Private New Capital Expenditure (QoQ) |
6.1% |
4.0% |
-0.7% |
|
CHF |
GDP (QoQ) |
0.7% |
0.1% |
0.5% |
|
GBP |
Nationwide HPI (MoM) |
0.3% |
0.2% |
-0.3% |
|
EUR |
French Consumer Spending (MoM) |
0.6% |
0.3% |
-2.6% |
|
EUR |
German Unemployment Rate |
6.7% |
6.8% |
6.8% |
|
EUR |
German Unemployment Change |
0K |
-5K |
18K |
|
EUR |
CPI (YoY) |
2.4% |
2.5% |
2.6% |
|
USD |
ADP Nonfarm Employment Change |
133K |
148K |
113K |
|
Current Account |
-10.3B |
-11.0B |
-9.7B |
|
|
USD |
Initial Jobless Claims |
383K |
370K |
373K |
|
USD |
GDP (QoQ) |
1.9% |
1.9% |
2.2% |
|
USD |
Continuing Jobless Claims |
3242K |
3250K |
3278K |
|
USD |
Chicago PMI |
52.7 |
56.5 |
56.2 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Previous |
|
Jun 1 |
TBD |
GBP |
|
|
7:15 |
CHF |
4.2% |
|
|
7:30 |
CHF |
46.9 |
|
|
7:45 |
EUR |
43.8 |
|
|
8:30 |
GBP |
50.5 |
|
|
9:00 |
EUR |
10.9% |
|
|
12:30 |
USD |
115K |
|
|
12:30 |
USD |
8.1% |
|
|
12:30 |
USD |
0.0% |
|
|
12:30 |
USD |
0.2% |
|
|
12:30 |
USD |
0.3% |
|
|
14:00 |
USD |
54.8 |
Click here to read Gold Technical Analysis.
Originally posted here
