By FXEmpire.com
Analysis and Recommendations:
Gold tumbled today, to trade at 1584.05. as investors showed disappointment in the Fed decision, markets were expecting or at least hoping for a new QA program.
Mood in markets were murky after Federal Reserve opted to extend its bond-buying program but took no further quantitative-easing action, and on dismal Chinese manufacturing, which shrank to its lowest since 2008 crisis. Into the twilight session, the U.S existing home sales and Euro-area finance minister’s meet in Luxemburg would be key events to watch out for.
With crisis in Europe taking leaps and turns, euro-area finance minister’s gathering this evening would be aimed to discuss on European crisis and measures to tame off it. Also, topping the agenda would be enhancing the firepower of the EFSF with debt contagion taking a serious toll on key economies of Europe. With Chinese economic growth story fading in the midst of distress numbers, hard landing for the World’s second largest economy could become imminent in near-term. With bond market in Europe melting, market watchers would be closely following bond auctions out of debt ridden economies of Spain and Italy in coming days. Overall, volatility is likely to the byword this week with markets expected to vacillate over events surfacing in Europe and the U.S.
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 Releases for June 21, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun. 21 |
CNY |
Chinese HSBC Manufacturing PMI |
48.10 |
48.40 |
|
|
EUR |
French Manufacturing PMI |
45.3 |
44.5 |
44.7 |
|
|
EUR |
German Manufacturing PMI |
44.7 |
45.2 |
45.2 |
|
|
EUR |
Manufacturing PMI |
44.8 |
44.9 |
45.1 |
|
|
GBP |
Retail Sales (MoM) |
1.4% |
1.2% |
-2.4% |
|
|
GBP |
Retail Sales (YoY) |
2.4% |
2.0% |
-1.1% |
|
|
GBP |
CBI Industrial Trends Orders |
-11 |
-20 |
-17 |
|
|
Core Retail Sales (MoM) |
-0.3% |
0.2% |
0.3% |
||
|
CAD |
Retail Sales (MoM) |
-0.5% |
0.3% |
0.4% |
|
|
USD |
Initial Jobless Claims |
387K |
380K |
389K |
|
|
USD |
Continuing Jobless Claims |
3299K |
3275K |
3299K |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jun 22 |
8:00 |
EUR |
106.9 |
||
|
All Day |
EUR |
||||
|
13:00 |
EUR |
-11.2 |
Upcoming Government Bond Auctions
Date Time Country
Jun 22 15:30 Italy
Jun 25 09:10 Norway
Jun 25 09:30 Germany
Jun 25 10:00 Belgium
Jun 25 15:30 Italy
Jun 26 00:30 Japan
Click here to read Gold Technical Analysis.
Originally posted here
