By FXEmpire.com
Analysis and Recommendations:
Silver is trading at 26.883 following cues from gold. September silver futures bears still have the overall near-term technical advantage as trading has also been choppy recently. Prices are in a 4.5-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $28.445 an ounce.
Silver may remain weak as the week draws to a close, it will again be taking cues from the US equities. As discussed in gold’s outlook, Spain is requesting additional aid and the dishearten bond auction has left no other way to reduce its borrowing cost. Debt is bound to swell and so, euro may remain under pressure. This may keep the metal under stress.
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 July 20, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 20 |
02:30 |
AUD |
Import Price Index (QoQ) |
2.4% |
1.5% |
-1.2% |
|
04:00 |
NZD |
Credit Card Spending (YoY) |
4.6% |
3.9% |
||
|
06:00 |
EUR |
Estonian PPI (MoM) |
0.00% |
0.00% |
||
|
07:00 |
EUR |
German PPI (MoM) |
-0.4% |
-0.2% |
-0.3% |
|
|
07:00 |
EUR |
German PPI (YoY) |
1.6% |
1.8% |
2.1% |
|
|
08:00 |
DKK |
Danish Retail Sales (YoY) |
-1.2% |
-0.5% |
||
|
08:30 |
EUR |
Dutch Consumer Spending |
-1.90 |
-2.10 |
||
|
09:30 |
GBP |
Public Sector Net Borrowing |
12.1B |
11.0B |
16.1B |
|
|
13:30 |
Core CPI (MoM) |
-0.4% |
-0.1% |
0.2% |
||
|
13:30 |
CAD |
CPI (MoM) |
-0.4% |
-0.1% |
-0.1% |
|
|
13:30 |
CAD |
CPI (YoY) |
1.5% |
2.0% |
1.2% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 24 |
7:00 |
EUR |
French Flash Manufacturing PMI |
45.2 |
|
7:00 |
EUR |
French Flash Services PMI |
47.9 |
|
|
7:30 |
EUR |
German Flash Manufacturing PMI |
45.0 |
|
|
7:30 |
EUR |
German Flash Services PMI |
49.9 |
|
|
8:00 |
EUR |
Flash Manufacturing PMI |
45.1 |
|
|
8:30 |
GBP |
BBA Mortgage Approvals |
30.2K |
|
|
9:00 |
EUR |
Flash Services PMI |
47.1 |
|
|
13:00 |
USD |
Flash Manufacturing PMI |
52.5 |
|
|
Jul 25 |
8:00 |
EUR |
German Ifo Business Climate |
105.3 |
|
8:30 |
GBP |
Prelim GDP q/q |
-0.3% |
|
|
10:00 |
GBP |
CBI Industrial Order Expectations |
-11 |
|
|
13:00 |
EUR |
Belgium NBB Business Climate |
-13.2 |
|
|
14:00 |
USD |
New Home Sales |
369K |
|
|
14:30 |
USD |
Crude Oil Inventories |
||
|
Jul 26 |
6:00 |
EUR |
GfK German Consumer Climate |
5.8 |
|
8:00 |
EUR |
M3 Money Supply y/y |
2.9% |
|
|
12:30 |
USD |
Core Durable Goods Orders m/m |
0.7% |
|
|
12:30 |
USD |
Unemployment Claims |
||
|
14:00 |
USD |
Pending Home Sales m/m |
5.9% |
|
|
Jul 27 |
27th-31st |
GBP |
Nationwide HPI m/m |
-0.6% |
|
All Day |
EUR |
German Prelim CPI m/m |
-0.1% |
|
|
7:00 |
CHF |
KOF Economic Barometer |
1.16 |
|
|
12:30 |
USD |
Advance GDP q/q |
1.9% |
|
|
13:55 |
USD |
Revised UoM Consumer Sentiment |
72.0 |
Click here for updated Silver News.
Originally posted here
