Silver Fundamental Analysis May 23, 2012, Forecast

Posted May 22, 2012 16:59 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size      
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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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About: FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

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