Silver Fundamental Analysis May 23, 2012, Forecast

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Analysis and Recommendations:

Silver was trading for 28.553. Taking cues from fall in gold prices and downside in base metals, Spot silver prices declined more than 1 percent. Additionally, strength in the DX also exerted downside pressure on prices. The white metal touched an intra-day low of $27.97/oz and was trading around $28/oz. The base metals pack traded lower today on account of dollar strength and statement by the OECD highlighting global economic concerns.

A stronger dollar pressures demand for dollar-denominated commodities, such as gold and silver, which become more expensive for holders of other currencies and also vice versa. With high inventories and still higher production and a continued drop in demand, oil will continue to drift downward.

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 May 22, 2012 actual v. forecast

Date

Time

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

May 22

04:00

 

NZD

 

 

 

Inflation Expectations (QoQ) 

2.4%

 

 

 

2.5% 

 

 

 

09:00

 

NOK

 

 

 

Norwegian GDP (QoQ) 

1.4%

 

0.8% 

 

0.6% 

   

 

09:30

 

GBP

 

 

 

Core CPI (YoY) 

2.1%

 

2.2% 

 

2.5% 

 

 

 

09:30

 

GBP

 

 

 

CPI (YoY) 

3.0%

 

3.1% 

 

3.5% 

 

 

 

09:30

 

GBP

 

 

 

CPI (MoM) 

0.6%

 

0.6% 

 

0.3% 

   

 

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

May 23

8:00

EUR

 

Current Account

   

-1.3B

8:30

GBP

 

MPC Meeting Minutes

   

0-0-9

TBD

EUR

 

Industrial New Orders m/m

   

-1.2%

10:00

GBP

 

CBI Industrial Order Expectations

   

-8

TBD

GBP

 

Inflation Report Hearings

     

14:00

USD

 

New Home Sales

   

328K

14:30

USD

 

Crude Oil Inventories

     

May 24

6:00

CHF

 

Trade Balance

   

1.69B

7:00

EUR

 

French Flash Manufacturing PMI

   

46.9

7:00

EUR

 

French Flash Services PMI

   

45.2

7:30

EUR

 

German Flash Manufacturing PMI

   

46.2

7:30

EUR

 

German Flash Services PMI

   

52.2

8:00

EUR

 

German Ifo Business Climate

   

109.9

8:00

EUR

 

Flash Manufacturing PMI

   

45.9

8:00

EUR

 

Flash Services PMI

   

46.9

8:30

GBP

 

Retail Sales m/m

   

1.8%

8:30

GBP

 

Revised GDP q/q

   

-0.2%

8:30

GBP

 

BBA Mortgage Approvals

   

31.9K

8:30

GBP

 

Prelim Business Investment q/q

   

-3.3%

12:30

USD

 

Unemployment Claims

     

12:30

USD

 

Durable Goods Orders m/m

   

-4.0%

13:00

EUR

 

Belgium NBB Business Climate

   

-10.7

May 25

6:00

EUR

 

GfK German Consumer Climate

   

5.6

7:15

CHF

 

Employment Level

   

4.04M

TBD

ALL

 

G8 Meetings

     

13:55

USD

 

Revised UoM Consumer Sentiment

     

 

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