By FXEmpire.com
Analysis and Recommendations:
Silver is trading at 26.945 following in gold’s footsteps. With little demand, and high risk aversion, commodities are not faring well in this market.
Commodities were seen reversing the earlier gains. Surging Spanish bond yields and greater than anticipated rise in unemployment in Germany weighed on the sentiments ahead of the two day European Union summit starting today in Brussels. Moreover cynicism prevailed in the market over the outcome of the summit as EU leaders remaining divided over joint debt liability spoiling hopes of solid measures to tackle the region’s debt crisis. Euro hit a three week low against US dollar ahead of the Summit. Spot gold inched lower, reversing its earlier gains weighed down by firming dollar. Spot silver too followed the suit. Tracking weakness in the international market, precious metals in MCX edged lower. Meanwhile, base metals showed a mixed trend in LME. Except for copper, base metals were in positive territory. Zinc was the best performer gaining more than one per cent. The red metal pared its initial gains and slipped snapping a three day gain as investor’s exercised caution ahead of the EU summit and firm dollar.
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 June 28, 2012 actual v. forecast… and you didn’t think it could get worse. The German workhorse breaks a leg…
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun. 28 |
JPY |
Retail Sales (YoY) |
3.6% |
3.0% |
5.7% |
|
AUD |
HIA New Home Sales (MoM) |
0.7% |
6.9% |
||
|
GBP |
Nationwide HPI (MoM) |
-0.6% |
0.1% |
0.2% |
|
|
EUR |
German Unemployment Rate |
6.8% |
6.7% |
6.8% |
|
|
EUR |
German Unemployment Change |
7K |
5K |
0K |
|
|
GBP |
Business Investment (QoQ) |
1.9% |
3.6% |
3.6% |
|
|
GBP |
Current Account |
-11.2B |
-9.0B |
-7.2B |
|
|
GBP |
GDP (QoQ) |
-0.3% |
-0.3% |
-0.3% |
|
|
GBP |
GDP (YoY) |
-0.2% |
-0.1% |
-0.1% |
|
|
EUR |
Italian 10-Year BTP Auction |
6.19% |
6.03% |
And the good news is or almost good news
|
USD |
Initial Jobless Claims |
386K |
385K |
392K |
|
USD |
GDP Price Index (QoQ) |
2.0% |
1.7% |
1.7% |
|
USD |
GDP (QoQ) |
1.9% |
1.9% |
1.9% |
|
USD |
Continuing Jobless Claims |
3296K |
3280K |
3311K |
Click here a current Silver Chart.
Originally posted here
