By FXEmpire.com
Analysis and Recommendations:
Gold is trading at 1595.45 mostly sideways today, as risk aversion continues in the markets. The USD and the JPY continued to be the benefactors of stressed markets.
This week we are scheduled to see a barrage of data from China, but early number still show a sluggish landscape for the Chinese republic.
Problems in Spain’s banking sector and gloomy European equities kept gold under pressure. The continuing political deadlock in Greece which has lead to fears of a default and exit from the eurozone, put additional pressure on the currency. At the same time, physical demand is seen emerging from Asia as traders and investors hunted the low price advantages. Demand owing to peak marriage season in India coupled with Chinese demand held the physical market firm.
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Economic Data for May 10, 2012 actual v. forecast
|
JPY |
Adjusted Current Account |
0.79T |
0.65T |
0.86T |
|
KRW |
South Korean Interest Rate Decision |
3.25% |
3.25% |
3.25% |
|
AUD |
Employment Change |
15.5K |
-5.5K |
44.0K |
|
AUD |
Unemployment Rate |
4.9% |
5.3% |
5.2% |
|
CNY |
Chinese Trade Balance |
18.40B |
8.50B |
5.35B |
|
GBP |
Industrial Production (MoM) |
-0.3% |
-0.3% |
0.4% |
|
GBP |
Manufacturing Production (MoM) |
0.9% |
0.5% |
-1.1% |
|
GBP |
Industrial Production (YoY) |
-2.6% |
-2.6% |
-2.3% |
|
GBP |
Interest Rate Decision |
0.50% |
0.50% |
0.50% |
|
GBP |
BOE QE Total |
325B |
325B |
325B |
|
USD |
Import Price Index (MoM) |
-0.5% |
-0.2% |
1.5% |
|
Trade Balance |
0.4B |
1.0B |
0.3B |
|
|
USD |
Trade Balance |
-51.8B |
-50.0B |
-45.4B |
|
USD |
Initial Jobless Claims |
367K |
369K |
368K |
|
USD |
Continuing Jobless Claims |
3229K |
3278K |
3290K |
|
GBP |
NIESR GDP Estimate |
0.1% |
-0.2% |
|
|
USD |
Federal Budget Balance |
30.0B |
-198.2B |
Upcoming Economic Events that affect the CHF,EUR, GBP and USD
|
May 11 |
00:01 |
GBP |
53 |
|
|
07:00 |
EUR |
0.1% |
0.1% |
|
|
09:30 |
GBP |
-1.0% |
1.9% |
|
|
10:00 |
EUR |
1.20% |
||
|
13:30 |
USD |
0.3% |
||
|
13:30 |
USD |
0.0% |
||
|
14:55 |
USD |
76.4 |
Click here a current Gold Chart.
Originally posted here
