Silver Fundamental Analysis August 17, 2012, Forecast

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Analysis and Recommendations:

Silver added 0.33 cents following cues from gold. In the earlier part of the day, silver declined The base metals traded on a negative note on the back of mixed global sentiments along with decline in the FDI into China indicating slow down in the economies. Additionally strength in the DX exerted downside pressure to the base metals prices. However, sharp decline in the base metal prices were cushioned tracking decline in the LME inventories.

Once the US eco data turned negative, the USD declined, and precious metals gained as hopes of central bank stimulus returned to the markets.

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 16, 2012 actual v. forecast

Date

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Aug. 16

 

KRW

 

 

 

South Korean Unemployment Rate 

3.1%

 

3.3% 

 

3.2% 

 

 

 

 

GBP

 

 

 

Retail Sales (MoM) 

0.3%

 

-0.1% 

 

0.8% 

  

 

 

GBP

 

 

 

Retail Sales (YoY) 

2.8%

 

1.4% 

 

2.6% 

  

 

 

EUR

 

 

 

CPI (YoY) 

2.4%

 

2.4% 

 

2.4% 

 

 

 

 

EUR

 

 

 

Core CPI (YoY) 

1.7%

 

1.9% 

 

1.6% 

 

 

 

 

USD

 

 

 

Building Permits 

0.812M

 

0.770M 

 

0.760M 

 

 

 

 

CAD

 

 

 

Foreign Securities Purchases 

-7.89B

 

10.67B 

 

26.11B 

 

 

 

 

USD

 

 

 

Housing Starts 

0.746M

 

0.757M 

 

0.754M 

  

 

 

CAD

 

 

 

Manufacturing Sales (MoM) 

-0.40%

 

0.40% 

 

-0.40% 

 

 

 

 

USD

 

 

 

Initial Jobless Claims 

366K

 

365K 

 

364K 

  

 

 

USD

 

 

 

Continuing Jobless Claims 

3305K

 

3300K 

 

3336K 

  

 

 

USD

 

 

 

Philadelphia Fed Manufacturing Index 

-7.1

 

-5.0 

 

-12.9 

 

 

 

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

Date

Time

Currency

Event  

Forecast

Previous

Aug 17

6:00

EUR

German PPI m/m

0.4%

-0.4%

 

8:00

EUR

Current Account

7.8B

10.9B

 

13:55

USD

Prelim UoM Consumer Sentiment

72.5

72.3

 

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About:FX Empire Analyst - Barry Norman

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