By FXEmpire.com
Silver Fundamental Analysis April 23, 2012, Forecast
Analysis and Recommendations:
Silver continued on the heels of gold, closing the week trading at 31.633 down just a few cents. Silver had followed in gold’s movement all day as the metals bounced up and down from small gains to small loses until they just diverged at the end of trading.
Gold rose as the dollar pared gains, boosting demand for the precious metal as an alternative asset. The greenback was little changed against a basket of major currencies after climbing as much as 0.4 percent. Christine Lagarde, the managing director of the International Monetary Fund, said at a press briefing in Washington that she expects the resources of the IMF to be “significantly increased” amid Europe’s sovereign-debt crisis. Gold futures for June delivery rose 0.1 percent to settle at $1,643.85 an ounce at 1:50 p.m. on the Comex in New York. Earlier, the price dropped as much as 0.5 percent.
Economic Data for April 20, 2012 actual v. forecast
|
JPY |
Tertiary Industry Activity Index (MoM) |
0.0% |
0.8% |
-0.6% |
|
AUD |
Import Price Index (QoQ) |
-1.2% |
-1.0% |
2.5% |
|
EUR |
German PPI (MoM) |
0.6% |
0.4% |
0.4% |
|
EUR |
German PPI (YoY) |
3.3% |
3.1% |
3.2% |
|
EUR |
German Ifo Business Climate Index |
109.9 |
109.5 |
109.8 |
|
EUR |
German Current Assessment |
117.5 |
117.0 |
117.4 |
|
EUR |
German Business Expectations |
102.7 |
102.5 |
102.7 |
|
GBP |
Retail Sales (MoM) |
1.8% |
0.5% |
-0.8% |
|
GBP |
Retail Sales (YoY) |
3.3% |
1.4% |
1.0% |
|
Core CPI (MoM) |
0.3% |
0.4% |
||
|
CAD |
CPI (MoM) |
0.4% |
1.0% |
0.4% |
|
CAD |
Leading Indicators (MoM) |
0.4% |
1.0% |
0.7% |
|
CAD |
CPI (YoY) |
1.9% |
2.0% |
2.6% |
|
MXN |
Mexican Unemployment Rate |
4.6% |
4.9% |
5.3% |
Economic Events scheduled for April 23, 2012 that affect the European and American Markets
06:00:00 GBP Nationwide Housing Prices n.s.a (YoY) -0.90%
The Nationwide Housing Prices shows the value of the houses prices in UK and indicate current movements in the housing market that is considered as a sensitive factor to the UK’s economy. A high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).
06:00:00 GBP Nationwide Housing Prices s.a (MoM) -1%
The Nationwide Housing Prices shows the value of the houses prices in UK and indicate current movements in the housing market that is considered as a sensitive factor to the UK’s economy. A high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).
07:28:00 EUR Purchasing Manager Index Manufacturing 48.4
The Manufacturing Purchasing Managers Index (PMI) released by the Markit economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in Germany. Normally, a result above 50 signals is bullish for the EUR, whereas a result below 50 is seen as bearish.
07:28:00 EUR Purchasing Manager Index Services 52.1
The Services PMI released by the Markit Economics interviews German executives on the status of sales, employment, and their outlook. Because the performance of the German service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. Any reading above 50 signals expansion, while a reading under 50 shows contraction.
Click here to read Silver Technical Analysis.
Originally posted here
