By FXEmpire.com
Analysis and Recommendations:
Gold is trading at 1617.85 holding its gains from earlier in the week as markets have shift the safe haven of the USD and the JPY to gold.
With the poor showing this week in the US, compounded by the lackluster GDP results, traders are hoping that the Fed’s will bring out the big guns at the upcoming meeting of the FOMC on Tuesday and Wednesday.
Commodities failed to build on the prior day’s rally and continue to trade in tight range. Spot gold held steady above the $1600 mark and was on course to register its biggest weekly gains in almost 2 months. Comments by the European Central Bank chairman Mario Draghi to do everything possible to hold the Euro zone together boosted the Euro currency against the Greenback, pushing prices for the yellow metal above $1600 levels. Base metal complex in London Metal Exchange (LME) traded with a positive bias on optimism that the European Central Bank will act in the coming days to tame off the crisis in the region, which threatens world financial markets. Nymex crude oil edged down after three straight days of gains on profit booking ahead of the GDP figures from the largest crude oil consumer.
Earlier in the day, Spanish unemployment rose to a fresh all-time high of 24.6 percent as recession in the Europe’s fourth largest economy led to job losses. There were also reports meandering that Bundesbank still opposes ECB bond buys and such remarks come a day after ECB chairman Draghi hinted at more asset purchases.
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 27, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 27 |
JPY |
Tokyo Core CPI (YoY) |
-0.6% |
-0.7% |
-0.6% |
|
JPY |
Retail Sales (YoY) |
0.2% |
1.2% |
3.6% |
|
|
CHF |
KOF Leading Indicators |
1.43 |
1.25 |
1.15 |
|
|
SEK |
Swedish Retail Sales (MoM) |
-0.40% |
0.20% |
0.30% |
|
|
EUR |
German CPI (MoM) |
0.4% |
0.4% |
-0.1% |
|
|
EUR |
German CPI (YoY) |
1.7% |
1.7% |
1.7% |
|
|
USD |
GDP (QoQ) |
1.5% |
1.5% |
2.0% |
Upcoming Economic Events that affect the CHF, EUR and GBP
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jul 30 |
30th-31st |
GBP |
0.8% |
-0.6% |
|
|
7:00 |
EUR |
-0.3% |
|||
|
8:30 |
GBP |
1.3B |
|||
|
10:00 |
GBP |
42 |
|||
|
23:01 |
GBP |
-29 |
|||
|
Jul 31 |
6:45 |
EUR |
0.4% |
||
|
7:55 |
EUR |
7K |
|||
|
9:00 |
EUR |
2.4% |
|||
|
9:00 |
EUR |
11.1% |
|||
|
Aug 1 |
1st-8th |
GBP |
1.0% |
||
|
7:15 |
EUR |
41.1 |
|||
|
7:45 |
EUR |
44.6 |
|||
|
8:30 |
GBP |
48.6 |
|||
|
Aug 2 |
7:00 |
EUR |
-98.9K |
||
|
7:15 |
CHF |
6.2% |
|||
|
7:30 |
CHF |
48.1 |
|||
|
8:30 |
GBP |
48.2 |
|||
|
11:00 |
GBP |
375B |
|||
|
11:00 |
GBP |
0.50% |
0.50% |
||
|
11:45 |
EUR |
0.75% |
0.75% |
||
|
12:30 |
EUR |
||||
|
Aug 3 |
8:30 |
GBP |
51.3 |
||
|
9:00 |
EUR |
0.6% |
Government Bond Auctions
Date Time Country
Jul 30 09:10 Italy
Jul 30 10:00 Belgium
Jul 31 00:30 Japan
Jul 31 09:30 Belgium
Aug 01 09:30 Germany
Aug 01 10:00 Norway
Aug 01 13:00 US
Aug 02 08:30 Spain
Click here a current Gold Chart.
Originally posted here
