By FXEmpire.com
Analysis and Recommendations:
Silver gained along with gold today, as the metal pack saw positive moods. Silver is trading up 0.119 at 28.505. The white metal, traded up on bargain buying.
Concerns are now shifting from Greece to Spain. Notably, the risk premium for Spanish bonds over the safe have German bonds rose to the Euro area high of 515 basis points. This would have raised the concern for Spanish failure in recapitalization plan.
They are expected to use the public money to do the same but this could further lift the country’s debt and the efforts will be more difficult to pay off the arrears amid surging borrowing cost. Hence, the Euro exhibits to a significant downside risk which may impact silver negatively. However, silver is in backwardation which may lift the future prices to have the parity with spot.
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 29, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 29 |
JPY |
Unemployment Rate |
4.6% |
4.5% |
4.5% |
|
JPY |
Retail Sales (YoY) |
5.8% |
6.3% |
10.3% |
|
|
AUD |
HIA New Home Sales (MoM) |
6.9% |
-9.4% |
||
|
GBP |
CBI Distributive Trades Survey |
21 |
-7 |
-6 |
|
|
EUR |
German CPI (MoM) |
-0.2% |
-0.1% |
0.2% |
|
|
EUR |
German CPI (YoY) |
1.9% |
2.0% |
2.1% |
|
|
USD |
CB Consumer Confidence |
64.9 |
70.0 |
68.7 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Previous |
|
|
May 30 |
7:00 |
CHF |
KOF Economic Barometer |
0.40 |
|
8:00 |
EUR |
M3 Money Supply y/y |
3.2% |
|
|
8:30 |
GBP |
Net Lending to Individuals m/m |
1.4B |
|
|
14:00 |
USD |
Pending Home Sales m/m |
4.1% |
|
|
23:01 |
GBP |
GfK Consumer Confidence |
-31 |
|
|
May 31 |
5:45 |
CHF |
GDP q/q |
0.1% |
|
31st-3rd |
EUR |
German Retail Sales m/m |
0.8% |
|
|
6:45 |
EUR |
French Consumer Spending m/m |
-2.9% |
|
|
7:55 |
EUR |
German Unemployment Change |
19K |
|
|
9:00 |
EUR |
CPI Flash Estimate y/y |
2.6% |
|
|
12:15 |
USD |
ADP Non-Farm Employment Change |
119K |
|
|
12:30 |
USD |
Prelim GDP q/q |
2.2% |
|
|
12:30 |
USD |
Unemployment Claims |
370K |
|
|
13:45 |
USD |
Chicago PMI |
56.2 |
|
|
15:00 |
USD |
Crude Oil Inventories |
0.9M |
|
|
Jun 1 |
TBD |
GBP |
Halifax HPI m/m |
|
|
7:15 |
CHF |
Retail Sales y/y |
4.2% |
|
|
7:30 |
CHF |
SVME PMI |
46.9 |
|
|
7:45 |
EUR |
Italian Manufacturing PMI |
43.8 |
|
|
8:30 |
GBP |
Manufacturing PMI |
50.5 |
|
|
9:00 |
EUR |
Unemployment Rate |
10.9% |
|
|
12:30 |
USD |
Non-Farm Employment Change |
115K |
|
|
12:30 |
USD |
Unemployment Rate |
8.1% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.0% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.2% |
|
|
12:30 |
USD |
ISM Manufacturing PMI |
0.3% |
|
|
14:00 |
USD |
S&P/CS Composite-20 HPI y/y |
54.8 |
Government Bond Auctions
Date Time Country
May 30 09:10 Italy
May 30 09:10 Sweden
Click here a current Silver Chart.
Originally posted here
