By FXEmpire.com
Analysis and Recommendations:
Silver continued in the shadow of gold, falling a bit, to trade at 27.69 to end the week and the month.
Amid the unending woes of eurozone debt crisis, commodities were seen paring their earlier losses. Now, markets are waiting for a slew of economic data releases that are scheduled for today and tomorrow, to assess the global economic situation. Spot gold, following an initial decline during morning trades started to move up, extending the previous session’s impressive recovery from 1530 levels. Rebound in Euro on anticipation of an Irish vote in favor of Europe’s fiscal pact, helped gold to sustain its gains. Base metals continued to reel under pressure due to the feeble financial situation in Euro Zone and slowing economic growth in China. However, a rise in euro improved the market sentiments to certain extent. In LME, copper was seen regaining some for its lost ground after hitting its lowest in 2012. Meanwhile, it was on its way to post losses for the third successive month. Currency fluctuations helped to limit the losses.
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 Silver Technical Analysis.
Originally posted here
