By FXEmpire.com

Analysis and Recommendations:

Gold tumbled today as market sentiment turned negative, pushing the euro to record lows. Gold dipped today, but was able to salvage the day down 15.05 trading at 1567.75

European equities traded on a bearish note on the back of eurozone debt mounting as the European leaders are unable to draw out a plan to curtail the debt. Asian markets also ended on a bearish note and US stock Futures are trading in red tracking negative market sentiments.

Gold prices declined 0.75 percent today. Further, strength in the US Dollar Index (DX) also added to the losses of the yellow metal. The gold prices touched an intra-day low of $1,560.04/oz and hovered around $1,570.91/oz

Disquiet over stretching debt contagion in the eurozone after Spain stocked fears that it might need sovereign bailout scattered negative sentiments throughout commodities.

Spreading debt contagion in the eurozone, after the reports of Spain becoming the fourth country in the region seeking bailout, dented commodities outlook worldwide. Spot gold edged lower pressured by a strong dollar

Oil fell, with Brent crude futures slipped to $105 on increased fears over global economic prospect. Most active crude oil August contract in MCX were also lost more than 2 percent following overseas market. In base metals, copper was the top looser with over 1.30 percent in MCX while in LME it had lost 2.34 percent during the session.

Silver, Nickel, Lead and Zinc were the other commodities which lost grounds in domestic market today. The euro weakened again, nearly a 25 month low against the dollar and 12-year trough against the Japanese Yen. At the same time dollar swiftly recovered from its two week low and is presently trading near its two year high level. However, latest CFTC data shows money managers and hedge funds had raised their bullish bets on natural gas futures and options for the straight fourth week, while bullish bets in bullion have been reduced.

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 23, 2012 actual v. forecast

Date

Time

Currency

Event

Actual

Forecast

Previous

Jul. 23

01:30

TWD

Taiwanese Unemployment Rate

4.24%

4.30%

4.25%

02:30

AUD

PPI (QoQ)

0.5%

0.3%

-0.3%

10:30

EUR

German 12-Month Bubill Auction

-0.054%

0.019%

13:30

USD

Chicago Fed National Activity

-0.15

-0.48

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Previous

Jul 24

7:00

EUR

French Flash Manufacturing PMI

45.2

7:00

EUR

French Flash Services PMI

47.9

7:30

EUR

German Flash Manufacturing PMI

45.0

7:30

EUR

German Flash Services PMI

49.9

8:00

EUR

Flash Manufacturing PMI

45.1

8:30

GBP

BBA Mortgage Approvals

30.2K

9:00

EUR

Flash Services PMI

47.1

13:00

USD

Flash Manufacturing PMI

52.5

Jul 25

8:00

EUR

German Ifo Business Climate

105.3

8:30

GBP

Prelim GDP q/q

-0.3%

10:00

GBP

CBI Industrial Order Expectations

-11

13:00

EUR

Belgium NBB Business Climate

-13.2

14:00

USD

New Home Sales

369K

14:30

USD

Crude Oil Inventories

Jul 26

6:00

EUR

GfK German Consumer Climate

5.8

8:00

EUR

M3 Money Supply y/y

2.9%

12:30

USD

Core Durable Goods Orders m/m

0.7%

12:30

USD

Unemployment Claims

14:00

USD

Pending Home Sales m/m

5.9%

Jul 27

27th-31st

GBP

Nationwide HPI m/m

-0.6%

All Day

EUR

German Prelim CPI m/m

-0.1%

7:00

CHF

KOF Economic Barometer

1.16

12:30

USD

Advance GDP q/q

1.9%

13:55

USD

Revised UoM Consumer Sentiment

72.0

Government Bond Auctions

Date Time Country

Jul 24 08:30 Netherlands

Jul 24 08:30 Spain

Jul 24 15:30 Italy

Jul 24 17:00 US

Jul 25 09:30 Germany

Jul 25 15:30 Italy

Jul 25 17:00 US

Jul 26 00:30 Japan

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Originally posted here