By FXEmpire.com
Analysis and Recommendations:
Gold continues to fall trading at 1588.95 down an additional 6.55 in this session. It seems that traders have completely turned their backs on gold. Gold has always been thought of a safe haven and a hedge against inflation, but this week, as investors moved from equities, and commodities they also fled from gold which has fallen from the 1650 level.
The political unrest and confusion in the Eurozone, as well as the uncertainty of the relationship of the two major leaders of the EU, Germany’s Merkel and French President Hollande are still untested. The two come from completely different ideological points. Many think that the two will not fit and will develop new alliances.
Greece continues to be Greece, in the euro, out of the euro, government no government. Every day the same and every day different, at least lately they have been able to let Spain move from center stage.
The main distraction today, was disappointing and worrisome data from China, today, China released a slew of MoM and YoY data and all were below forecast some missing by a large amount, showing that the slowdown might be more than originally estimated.
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Economic Data Released May 11, 2012 actual v. forecast
|
GBP |
Nationwide Consumer Confidence |
44 |
52 |
53 |
|
CNY |
Chinese CPI (YoY) |
3.4% |
3.3% |
3.6% |
|
CNY |
Chinese PPI (YoY) |
-0.7% |
-0.5% |
-0.3% |
|
CNY |
Chinese CPI (MoM) |
-0.1% |
-0.2% |
0.2% |
|
CNY |
Chinese Fixed Asset Investment (YoY) |
20.2% |
20.5% |
20.9% |
|
CNY |
Chinese Industrial Production (YoY) |
9.3% |
12.0% |
11.9% |
|
CNY |
Chinese Retail Sales (YoY) |
14.1% |
15.2% |
15.2% |
|
EUR |
German CPI (MoM) |
0.2% |
0.1% |
0.1% |
|
EUR |
German CPI (YoY) |
2.1% |
2.0% |
2.0% |
|
GBP |
PPI Input (MoM) |
-1.5% |
-1.0% |
1.7% |
|
GBP |
PPI Input (YoY) |
1.2% |
1.9% |
5.6% |
|
EUR |
Portuguese CPI (MoM) |
0.30% |
1.20% |
|
|
USD |
Core PPI (MoM) |
0.2% |
0.2% |
0.3% |
|
Employment Change |
58.2K |
7.0K |
82.3K |
|
|
USD |
PPI (MoM) |
-0.2% |
0.0% |
0.0% |
|
CAD |
Unemployment Rate |
7.3% |
7.0% |
7.2% |
|
USD |
PPI (YoY) |
1.9% |
2.1% |
2.8% |
|
USD |
Core PPI (YoY) |
2.7% |
2.8% |
2.9% |
|
USD |
Michigan Consumer Sentiment |
77.8 |
76.2 |
76.4 |
Originally posted here
