Analysis and Recommendations: Gold stumbled today, dipping 23.65 to trade at 1694.25. Gold struggled to make headway and tumbled more than one percent
Analysis and Recommendations:
Gold stumbled today, dipping 23.65 to trade at 1694.25. Gold struggled to make headway and tumbled more than one percent after the US Fed’s new bond buying program pushed prices to two week high levels. US Policy makers’ expectations of lower growth forecast and inflation in the coming year supported prices. The Fed’s plan to purchase $45 billion long term treasuries each month on top of the $40 billion monthly buying of mortgage backed securities and decision to keep interest rates unchanged at zero until unemployment rates falls to 6.5 percent pushed gold’s inflation hedge appeal and propped up prices. Meanwhile, the Fed’s policy-setting panel remained concerned that the economic growth would not be strong enough without sufficient policy accommodation. The dollar index edged down after the meeting announcement while the euro inched up to one week high levels. At the same time, the holdings of the gold exchange traded funds drifted lower from its previous week’s record highs.
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 December 13, 2012 actual v. forecast
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 13 |
|
KRW |
|
|
South Korean Interest Rate Decision |
2.75% |
|
2.75% |
|
2.75% |
|
|
|
|
CHF |
|
|
PPI (MoM) |
0.0% |
|
-0.3% |
|
-0.1% |
|
|
|
|
CHF |
|
|
Interest Rate Decision |
0.00% |
|
0.00% |
|
0.00% |
|
|
|
|
GBP |
|
|
CBI Industrial Trends Orders |
-12 |
|
-16 |
|
-21 |
|
|
|
|
USD |
|
|
Core PPI (MoM) |
0.1% |
|
0.2% |
|
-0.2% |
|
|
|
|
USD |
|
|
Core Retail Sales (MoM) |
0.0% |
|
-0.1% |
|
0.0% |
|
|
|
|
USD |
|
|
PPI (MoM) |
-0.8% |
|
-0.5% |
|
-0.2% |
|
|
|
|
USD |
|
|
Retail Sales (MoM) |
0.3% |
|
0.5% |
|
-0.3% |
|
|
|
|
USD |
|
|
Initial Jobless Claims |
343K |
|
370K |
|
372K |
||
|
|
USD |
|
|
Continuing Jobless Claims |
3198K |
|
3210K |
|
3221K |
||
|
|
USD |
|
|
PPI (YoY) |
1.5% |
|
1.8% |
|
2.3% |
|
|
|
|
USD |
|
|
Core PPI (YoY) |
2.2% |
|
2.2% |
|
2.1% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 14 |
07:58 |
EUR |
45.0 |
44.5 |
|
|
08:28 |
EUR |
47.2 |
46.8 |
|
|
10:00 |
EUR |
2.2% |
2.2% |
|
|
10:00 |
EUR |
|
1.5% |
Government Bond Auction
Date Time Country
Dec 14 11:00 Belgium
Dec 14 15:30 UK
Dec 17 10:10 Norway
Dec 17 18:00 US
Dec 18 01:30 Japan
Dec 18 09:30 Spain
Dec 18 10:10 Greece
Dec 18 18:00 US
Dec 19 18:00 US
Dec 20 10:30 UK
Dec 20 16:30 Italy
Dec 20 18:00 US
Dec 21 16:30 Italy