By FXEmpire.com
Analysis and Recommendations:
Gold continues to decline as investors look for more risk and the DI continues upward. Gold is trading at 1562.25. Gold is set for its worst weekly loss this year after the U.S. Federal Reserve didn’t resume a debt purchase program even as the economy showed signs of slowing. Silver was poised for its worst week since December. Spot gold fell as much as 0.3 percent to $1,561.75 an ounce before trading at $1,562.75 down 4 percent this week, the most since the five days to Dec. 16. Bullion dropped 2.6 percent yesterday, the most since Feb. 29.
Manufacturing in the Philadelphia region shrank in June at the fastest pace in almost a year and sales of existing homes in the U.S. fell in May, separate reports showed yesterday.
The Fed on June 20 extended its program of replacing short-term bonds with longer-term debt by $267 billion through the end of 2012, without announcing further debt purchases. August-delivery bullion was little changed at $1,564.90 an ounce on the Comex in New York.
Rating agency Moody’s downgraded the ratings of some of world’s biggest banks by one to three notches, reflecting the risk of losses to those banks from capital market. Shrinking Chinese factory activity and a contraction in Euro zone manufacturing also weighed on the sentiments. Mounting fears over debt crisis in the Euro zone and US Federal Reserve’s policy decisions, prompted investors to stay away from bullion and sought safety in US dollar. Euro turned lower from its three week high in the previous session while dollar rallied to one week high level against a basket of currencies. Gold declined yesterday as the slump in equities and commodities drove the dollar up by the most since March against a six-currency basket.
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 for June 22, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
EUR |
German Ifo Business Climate Index |
105.3 |
105.9 |
106.9 |
|
|
EUR |
German Current Assessment |
113.9 |
112.3 |
113.2 |
|
|
EUR |
German Business Expectations |
97.3 |
99.8 |
100.8 |
|
|
Core CPI (MoM) |
0.2% |
0.3% |
0.4% |
||
|
CAD |
CPI (MoM) |
-0.1% |
0.3% |
0.4% |
|
|
CAD |
CPI (YoY) |
1.2% |
2.0% |
2.0% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 25 |
6:00 |
EUR |
GfK German Consumer Climate |
5.7 |
|
25th-30th |
GBP |
Nationwide HPI m/m |
0.3% |
|
|
14:00 |
USD |
New Home Sales |
343K |
|
|
Jun 26 |
8:30 |
GBP |
Public Sector Net Borrowing |
-18.8B |
|
13:00 |
USD |
S&P/CS Composite-20 HPI y/y |
-2.6% |
|
|
14:00 |
USD |
CB Consumer Confidence |
64.9 |
|
|
Jun 27 |
All Day |
EUR |
German Prelim CPI m/m |
-0.2% |
|
8:30 |
GBP |
BBA Mortgage Approvals |
32.4K |
|
|
10:00 |
GBP |
CBI Realized Sales |
21 |
|
|
12:30 |
USD |
Durable Goods Orders m/m |
0.2% |
|
|
14:00 |
USD |
Pending Home Sales m/m |
-5.5% |
|
|
14:30 |
USD |
Crude Oil Inventories |
||
|
Jun 28 |
7:55 |
EUR |
German Unemployment Change |
0K |
|
8:30 |
GBP |
Current Account |
-8.5B |
|
|
8:30 |
GBP |
BOE Credit Conditions Survey |
||
|
8:30 |
GBP |
Final GDP q/q |
-0.3% |
|
|
12:30 |
USD |
Unemployment Claims |
||
|
12:30 |
USD |
Final GDP q/q |
1.9% |
|
|
23:01 |
GBP |
GfK Consumer Confidence |
-29 |
|
|
Jun 29 |
29th-4th |
EUR |
German Retail Sales m/m |
0.6% |
|
6:45 |
EUR |
French Consumer Spending m/m |
0.6% |
|
|
7:00 |
CHF |
KOF Economic Barometer |
0.81 |
|
|
8:00 |
EUR |
M3 Money Supply y/y |
2.5% |
|
|
9:00 |
EUR |
CPI Flash Estimate y/y |
2.4% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.1% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.3% |
|
|
13:45 |
USD |
Chicago PMI |
52.7 |
|
|
13:55 |
USD |
Revised UoM Consumer Sentiment |
74.1 |
Upcoming Government Bond Auctions
Date Time Country
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
Jun 26 08:30 Holland
Jun 26 08:30 Spain
Jun 26 09:10 Italy
Jun 26 09:30 UK
Jun 26 14:30 UK
Jun 26 17:00 US
Jun 27 09:10 Italy
Jun 27 09:10 Sweden
Jun 27 17:00 US
Jun 28 09:10 Italy
Jun 28 17:00 US
Click here to read Gold Technical Analysis.
Originally posted here
