By FXEmpire.com
Analysis and Recommendations:
Gold is trading at 1613.65 up 2.95. Gold slightly changed after a relatively quiet trading yesterday. Prices were on a gaining track in the last few days in anticipation of more monetary stimulus actions by the European Central Bank.
Recent economic releases suggest that the Euro zone economy is still under pressure with weak industrial orders from Germany and contracting Italian GDP for a straight fourth quarter. Industrial orders data from Germany fell more than expected in July suggesting a faltered demand from domestic and overseas markets. In addition, rating agency, Standard and Poor revised Greece’s outlook to negative suggesting that the economy needed help from its international creditors. However, the Euro held steady retaining gains of the last two days while the dollar index traded lower.
Physical demand from Asian markets remain dull due to a respite in season while gold exports from Hong Kong to China fell for the second month in June. Looking ahead, investors closely watch the crucial Chinese data like inflation, industrial output and trade later this week in anticipation of proper directions of bullion.
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 August 8, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Aug. 08 |
JPY |
Adjusted Current Account |
0.77T |
0.75T |
0.28T |
|
AUD |
Home Loans (MoM) |
1.3% |
2.0% |
-0.9% |
|
|
CHF |
SECO Consumer Climate |
-17 |
-4 |
-8 |
|
|
GBP |
BoE Inflation Report |
||||
|
EUR |
German 10-Year Bund Auction |
1.420% |
1.310% |
||
|
EUR |
German Industrial Production (MoM) |
-0.9% |
-0.8% |
1.7% |
|
|
USD |
Nonfarm Productivity (QoQ) |
1.6% |
1.3% |
-0.5% |
|
|
USD |
Unit Labor Costs (QoQ) |
1.7% |
0.6% |
5.6% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Aug 9 |
8:00 |
EUR |
||
|
8:30 |
GBP |
-8.4B |
||
|
12:30 |
USD |
-48.7B |
||
|
12:30 |
USD |
|||
|
Aug 10 |
6:45 |
EUR |
-1.9% |
|
|
8:30 |
GBP |
-2.2% |
||
|
12:30 |
USD |
-2.7% |
||
|
18:00 |
USD |
-59.7B |
Government Bond Auctions
Date Time Country
Aug 09 15:30 Italy
Aug 09 17:00 US
Aug 10 10:00 Belgium
Aug 13 09:10 Italy
Aug 13 09:10 Norway
Aug 13 09:30 Germany
Aug 14 09:10 Greece
Aug 14 09:10 Italy
Aug 14 09:30 Belgium
Aug 14 14:30 UK
Aug 15 09:10 Sweden
Aug 16 09:30 UK
Aug 16 15:00 US
Click here for further Gold Forecast.
Originally posted here
