By FXEmpire.com
Analysis and Recommendations:
Silver followed gold and traded down at 28.70. On Wednesday, Federal Reserve Bank of Atlanta President Dennis Lockhart said that “further monetary actions to support the recovery will certainly need to be considered” if modest domestic growth is no longer realistic. Silver for July delivery gained 3.8 per cent to settle at $US29.488 a troy ounce, the highest settlement since May 7. Today Fed Chairman testified that the Fed was ready to assist if necessary, but offered no additional monetary solutions at this time.
Silver tends to move in tandem with gold, since investors buy both precious metals as safe-haven investments. But, unlike gold, silver has a wide variety of industrial applications, making prices sensitive to changes in the economic growth outlook.
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 June 7, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
AUD |
Employment Change |
38.9K |
-5.0K |
15.5K |
|
|
AUD |
Unemployment Rate |
5.1% |
5.1% |
5.0% |
|
|
CHF |
Unemployment Rate |
3.2% |
3.2% |
3.1% |
|
|
GBP |
Halifax House Price Index (MoM) |
0.5% |
0.5% |
-2.4% |
|
|
CHF |
CPI (MoM) |
0.0% |
0.1% |
0.1% |
|
|
GBP |
Services PMI |
53.3 |
52.7 |
53.3 |
|
|
GBP |
Interest Rate Decision |
0.50% |
0.50% |
0.50% |
|
|
GBP |
BOE QE Total |
325B |
325B |
325B |
|
|
USD |
Initial Jobless Claims |
377K |
377K |
389K |
|
|
USD |
Continuing Jobless Claims |
3293K |
3245K |
3259K |
|
|
Ivey PMI |
60.5 |
55.0 |
52.7 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Previous |
|
|
Jun 8 |
8:30 |
GBP |
-1.5% |
|
|
8:30 |
GBP |
3.5% |
||
|
12:30 |
USD |
-51.8B |
||
|
14:00 |
USD |
Government Bond Auctions
Date Time Country
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Jun 11 09:10 Norway
Jun 11 09:10 Slovakia
Jun 11 09:30 Germany
Jun 11 15:30 Italy
Jun 12 08:30 Holland
Jun 12 09:15 Austria
Jun 12 09:30 Belgium
Jun 12 09:30 UK
Jun 12 14:30 UK
Jun 12 17:00 US
Jun 13 09:10 Italy
Jun 13 09:30 Germany
Jun 13 09:30 Swiss
Jun 13 17:00 US
Jun 14 09:10 Italy
Jun 14 09:30 UK
Jun 14 15:00 US
Jun 14 17:00 US
Click here to read Silver Technical Analysis.
Originally posted here
