By FXEmpire.com
Analysis and Recommendations:
Silver is trading at 27.50 at 4GMT. Silver has fallen over 0.10 today on cues from gold and also as industrial metals have fallen since the release of Chinese PMI early this morning, showing that the slowdown in manufacturing continues not helped by all the efforts of the Chinese government.
Silver also lust some of its luster, as investors re-evaluate the “EU plan”. Although the plan itself sounds great on the surface the implementation and the probability of its final approval could take an extremely long period of time.
Norway today blocked the use of ESMS funds for bond purchases voiding one of the primary goals, also the appointment of a bank supervisor is going to be a long and painful process, most likely supervised or crafted by Germany.
This morning, in the US, ISM manufacturing also disappointed reading a huge slowdown in manufacturing with data well below forecast.
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 date for July 2, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
July 2 |
JPY |
Tankan Large Manufacturers Index |
-1 |
-4 |
-4 |
|
CNY |
Chinese HSBC Manufacturing PMI |
48.20 |
48.10 |
||
|
CHF |
Retail Sales (YoY) |
6.2% |
5.0% |
0.2% |
|
|
CHF |
SVME PMI |
48.1 |
45.0 |
45.4 |
|
|
EUR |
French Manufacturing PMI |
45.2 |
45.3 |
45.3 |
|
|
EUR |
German Manufacturing PMI |
45.0 |
44.7 |
44.7 |
|
|
EUR |
Manufacturing PMI |
45.1 |
44.8 |
44.8 |
|
|
GBP |
Manufacturing PMI |
48.6 |
46.7 |
45.9 |
|
|
EUR |
Unemployment Rate |
11.1% |
11.1% |
11.0% |
|
|
USD |
ISM Manufacturing Index |
47.9 |
52.0 |
53.5 |
Click here for updated Silver News.
Originally posted here
