Silver Fundamental Analysis October 10, 2012 Forecast

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Silver Fundamental Analysis October 10, 2012 Forecast

Silver Fundamental Analysis October 10, 2012 Forecast

Analysis and Recommendations:

Silver is trading at 34.085 adding a few pips on the industrial metals side. Precious metals seem to be directionless in today’s session. The base metals pack is currently trading on a positive note extending gains of the last month. Significant gains were registered on account of stimulus measures popularly known as ‘QE 3’ by the US Federal Reserve amid rise in the risk appetite in the month of September. The World Bank cut its growth outlook for China to 7.7 percent from its forecast in the month of May at 8.2 percent. The region’s biggest economy has shown a slowdown on the back of Europe’s recession and dismal economic recovery of the US thereby adding to the pressure in the prices.

The weak sentiments, although got a boost through the US labor market where the unemployment rate fell to 7.8 percent in September from 8.1 percent in August.  The Chinese manufacturing Purchasing Managers Index (PMI) expanded to 49.8 in September as against 49.2 in August. The National Development and Reform Commission of China has approved 60 infrastructure projects that includes building of highways, ports and air port runways to boost the slowing economic growth of the nation.

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 recent analysis and information in our  weekly reports.

Economic Data October 9, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Oct. 09

 

GBP

 

 

RICS House Price Balance 

-15%

 

-20% 

 

-18% 

  

 

 

JPY

 

 

Adjusted Current Account 

0.72T

 

0.52T 

 

0.34T 

 

 

 

 

AUD

 

 

NAB Business Confidence 

0

 

 

 

-3 

  

 

 

GBP

 

 

Industrial Production (MoM) 

-0.5%

 

-0.5% 

 

2.8% 

  

 

 

GBP

 

 

Manufacturing Production (MoM) 

-1.1%

 

-0.6% 

 

3.1% 

  

 

 

GBP

 

 

Trade Balance 

-9.8B

 

-8.5B 

 

-7.3B 

  

 

 

GBP

 

 

Industrial Production (YoY) 

-1.2%

 

-1.1% 

 

-0.8% 

 

 

 

 

CAD

 

 

Housing Starts 

220.2K

 

208.0K 

 

225.3K 

  

 

 

GBP

 

 

NIESR GDP Estimate 

0.8%

 

 

 

0.1% 

  

 

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

Date

Time

Currency

Event

Forecast

Previous

 Oct. 11

07:00

EUR

German CPI (YoY) 

2.0%

2.0%

 

07:45

EUR

French CPI (MoM) 

 

0.7%

Oct. 12 

10:00

EUR

Industrial Production (MoM) 

-0.5%

0.6%

Government Bond Auction

Date Time Country 

Oct 10 09:10 Italy  

Oct 10 09:10 Sweden 

Oct 10 09:30 Germany 

Oct 10 09:30 Swiss 

Oct 10 14:30 Sweden 

Oct 10 17:00 US 

Oct 11 09:10 Italy  

Oct 11 09:10 Sweden 

Oct 11 09:30 UK 

Oct 11 15:00 US 

Oct 11 17:00 US 

Oct 12 09:30 Germany 

Oct 12 10:00 Belgium

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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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