By FXEmpire.com
Analysis and Recommendations:
Silver continued to follow in gold’s shadow again trading down at 27.695. In today’s session.
European markets trading on a mixed note today on the back of Greece failing to form a union government leading to rising speculations that the country could leave the Euro Zone. Asian markets ended in the red and US stock futures are trading on a flat note.
Spot Gold prices came under pressure today on the back of rising uncertainty with respect to global economic growth with Greece and Euro Zone debt crisis being the matter of concerns. Additionally, rise in risk aversion in the global markets and a stronger dollar also exerted further downside pressure on the yellow metal prices. Moreover, fall in crude oil prices also affected the inflation-led demand for gold.
Silver prices on the international markets declined sharply by more than 1 percent and hit a four and a half month low of $ 27.18/oz. The white metal prices slipped on account of a stronger dollar index, fall in gold prices, downside in base metals pack and weak market sentiments.
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 May 16, 2012 actual v. forecast
|
JPY |
Tertiary Industry Activity Index |
-0.6% |
-0.3% |
0.0% |
|
AUD |
Westpac Consumer Sentiment |
0.80% |
-1.60% |
|
|
AUD |
0.9% |
0.8% |
1.0% |
|
|
GBP |
Average Earnings Index +Bonus |
0.6% |
1.0% |
1.1% |
|
GBP |
Claimant Count Change |
-13.7K |
5.0K |
-5.4K |
|
EUR |
CPI (YoY) |
2.6% |
2.6% |
2.6% |
|
EUR |
Core CPI (YoY) |
1.6% |
1.5% |
1.6% |
|
USD |
Building Permits |
0.715M |
0.730M |
0.769M |
|
USD |
Housing Starts |
0.717M |
0.680M |
0.699M |
|
Manufacturing Sales (MoM) |
1.90% |
1.00% |
-0.20% |
|
|
USD |
Industrial Production |
1.1% |
0.6% |
-0.6% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
May 17 |
13:30 |
USD |
365K |
367K |
|
|
13:30 |
USD |
3235K |
3229K |
||
|
15:00 |
USD |
10.0 |
8.5 |
Click here for updated Silver News.
Originally posted here
