By FXEmpire.com

Analysis and Recommendations:

Silver is trading at 27.127 up 0.132. The outcome of the monetary policy meeting from both US and Euro Zone provided little cheer to the markets as both the central banks stopped short of providing any additional stimulus measures to bolster the flagging economic growth. Gold and silver were seen inching up after falling consecutively for the last four sessions supported by gains in the Euro versus the US dollar.

However, the trades remained mostly choppy in thin ranges. Base metals showed a mixed trend in the international market. In Shanghai Futures Exchange, base metals were in negative territory while, in LME, the base metal complex was seen edging up. LME copper was seen rebounding from its six week low, though prices were on its course to post its biggest weekly loss in two months. However, worries over global economic growth restricted gains.

Precious metals remain slow with little direction after a very confusing nonfarm payroll release that showed more jobs were created but that the unemployment rate rose.

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 August 2, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 03

TRY

Turkish CPI (MoM)

-0.23%

-0.10%

-0.90%

EUR

Retail Sales (MoM)

0.1%

-0.1%

0.8%

USD

Average Hourly Earnings (MoM)

0.1%

0.2%

0.3%

USD

Nonfarm Payrolls

163K

100K

64K

USD

Unemployment Rate

8.3%

8.2%

8.2%

USD

Average Weekly Hours

34.5

34.5

34.5

USD

Private Nonfarm Payrolls

172K

110K

73K

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Previous

Aug 6

8:30

EUR

Sentix Investor Confidence

-29.6

23:01

GBP

BRC Retail Sales Monitor y/y

1.4%

Aug 7

7:00

CHF

Foreign Currency Reserves

364.9B

7:15

CHF

CPI m/m

-0.3%

8:00

EUR

Italian Industrial Production m/m

0.8%

8:30

GBP

Manufacturing Production m/m

1.2%

10:00

EUR

German Factory Orders m/m

0.6%

14:00

GBP

NIESR GDP Estimate

-0.2%

Aug 8

5:45

CHF

SECO Consumer Climate

-8

9:30

GBP

BOE Inflation Report

10:00

EUR

German Industrial Production m/m

1.6%

12:30

USD

Prelim Nonfarm Productivity q/q

-0.9%

12:30

USD

Prelim Unit Labor Costs q/q

1.3%

14:30

USD

Crude Oil Inventories

Aug 9

8:00

EUR

ECB Monthly Bulletin

8:30

GBP

Trade Balance

-8.4B

12:30

USD

Trade Balance

-48.7B

12:30

USD

Unemployment Claims

Aug 10

6:45

EUR

French Industrial Production m/m

-1.9%

8:30

GBP

PPI Input m/m

-2.2%

12:30

USD

Import Prices m/m

-2.7%

18:00

USD

Federal Budget Balance

-59.7B

Government Bond Auctions

Date Time Country

Aug 06 09:10 Norway

Aug 07 00:30 Japan

Aug 07 09:15 Austria

Aug 07 14:30 UK

Aug 07 17:00 US

Aug 08 09:30 Germany

Aug 08 10:00 Norway

Aug 08 15:30 Italy

Aug 08 17:00 US

Aug 09 15:30 Italy

Aug 09 17:00 US

Aug 10 10:00 Belgium

Aug 13 09:10 Italy

Aug 13 09:10 Norway

Aug 13 09:30 Germany

Aug 14 09:10 Greece

Aug 14 09:10 Italy

Aug 14 09:30 Belgium

Aug 14 14:30 UK

Aug 15 09:10 Sweden

Click here a current Silver Chart.

Originally posted here