By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading up by 0.69 at 86.77 on simple market sentiment. Investors seemed to be relieved once the Chinese data was released and wandered out looking for a bit more risk and pushing up commodities. (See chart below)
As the week culminates, the much awaited Chinese GDP data released earlier today was almost in line with expectation. However, in the second quarter of 2012 the economy grew at its slowest pace in three years. Market sentiments to some extent were on the positive side as weak economic indicators from China incited hopes that the country may resort to aggressive monetary policy easing to support economic growth. Commodities and equities were seen moving higher. Weakness in Euro following the downgrade of Italy’s credit ratings by the Moody’s near to junk weighed on the overall sentiments. Yet, Italy was successful in selling the planned amount of bonds in the auction earlier today.
Precious metals were seen rising after the Chinese data, extending the rebound seen in the previous session. Spot gold and silver gained around 0.6 per cent and one per cent respectively probably heading to end the session on a positive note. Base metal complex in LME as well as in Shanghai were on a greener turf. Except for aluminums, other metals in LME rose more than 1.5 per cent with copper prices touching one week high levels.
Crude oil prices continued the buying momentum from the previous session after the U.S imposed more sanctions on Iran and falling crude oil inventories. In the domestic market, the gains were limited following an appreciation in the Indian currency, which rose 0.67 percent against the 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 July 13, 2012 actual v. forecast
|
Date |
Time |
Currency |
Importance |
Event |
Actual |
Forecast |
Previous |
|
Jul. 13 |
03:00 |
CNY |
Chinese Fixed Asset Investment (YoY) |
20.4% |
20.1% |
20.1% |
|
|
03:00 |
CNY |
Chinese GDP (YoY) |
7.6% |
7.6% |
8.1% |
||
|
03:00 |
CNY |
Chinese Industrial Production (YoY) |
9.5% |
9.8% |
9.6% |
||
|
03:00 |
CNY |
Chinese Retail Sales (YoY) |
13.7% |
13.5% |
13.8% |
||
|
05:30 |
JPY |
Industrial Production (MoM) |
-3.4% |
-3.1% |
-3.1% |
||
|
08:15 |
CHF |
PPI (MoM) |
-0.3% |
-0.4% |
-0.2% |
||
|
10:30 |
EUR |
Italian 10-Year BTP Auction |
5.82% |
6.19% |
|||
|
13:30 |
USD |
Core PPI (MoM) |
2.0% |
0.2% |
0.2% |
||
|
13:30 |
USD |
PPI (MoM) |
1.0% |
-0.5% |
-1.0% |
||
|
14:55 |
USD |
Michigan Consumer Sentiment |
73.4 |
73.2 |
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Originally posted here
