Analysis and Recommendations: Gold continued to descent to 1692.05 as traders looked for higher risk assets with positive news in Asia with Australia
Analysis and Recommendations:
Gold continued to descent to 1692.05 as traders looked for higher risk assets with positive news in Asia with Australia unemployment dipping as well as a bump in German factory orders and a better than expected unemployment print in the US, markets are on shedding safe haven assets. With more positive eco data this week, the chances of the FOMC adding to current monetary policy lessens and lowers the demand for gold.
Markets continue to watch US lawmakers bicker, but assurances from President Obama yesterday have eased traders stress. News that Goldman Sacks cut its gold outlook for 2013 period weighs on the commodity. Investment bank Goldman Sacks cut its gold outlook for next year and said gold may turn due to rising interest rates and better growth prospects putting a lid on further monetary stimulus. Physical demand for gold from Asia has improved as weak prices attracted more bargain buyers in the counter. Gold’s investment demand still looks firm with holdings of gold backed exchange traded funds being placing at record peak levels.
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 6, 2012 actual v. forecast
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 06 |
|
AUD |
|
|
Employment Change |
13.9K |
|
0.2K |
|
10.1K |
||
|
|
AUD |
|
|
Unemployment Rate |
5.2% |
|
5.5% |
|
5.4% |
|
|
|
|
CHF |
|
|
Unemployment Rate |
3.0% |
|
3.0% |
|
3.0% |
|
|
|
|
GBP |
|
|
Halifax House Price Index (MoM) |
1.0% |
|
0.2% |
|
-0.1% |
||
|
|
CHF |
|
|
CPI (MoM) |
-0.3% |
|
0.0% |
|
0.1% |
|
|
|
|
GBP |
|
|
Trade Balance |
-9.5B |
|
-8.8B |
|
-8.4B |
||
|
|
EUR |
|
|
GDP (QoQ) |
-0.1% |
|
-0.1% |
|
-0.1% |
|
|
|
|
EUR |
|
|
German Factory Orders (MoM) |
3.9% |
|
0.9% |
|
-2.4% |
||
|
|
GBP |
|
|
Interest Rate Decision |
0.50% |
|
0.50% |
|
0.50% |
|
|
|
|
GBP |
|
|
BOE QE Total |
375B |
|
375B |
|
375B |
|
|
|
|
EUR |
|
|
Interest Rate Decision |
0.75% |
|
0.75% |
|
0.75% |
|
|
|
|
CAD |
|
|
Building Permits (MoM) |
15.0% |
|
3.0% |
|
-12.7% |
||
|
|
USD |
|
|
Initial Jobless Claims |
370K |
|
380K |
|
395K |
||
|
|
EUR |
|
|
ECB Press Conference |
|
|
|
|
|
|
|
|
|
USD |
|
|
Continuing Jobless Claims |
3205K |
|
3275K |
|
3305K |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 07 |
09:30 |
GBP |
0.7% |
-1.7% |
|
|
09:30 |
GBP |
-0.2% |
0.1% |
|
|
09:30 |
GBP |
-0.6% |
-2.6% |
|
|
11:00 |
EUR |
-0.5% |
-1.8% |
|
|
13:30 |
USD |
0.2% |
0.0% |
|
|
13:30 |
USD |
90K |
171K |
|
|
13:30 |
USD |
34.4 |
34.4 |
|
|
13:30 |
USD |
90K |
184K |
|
|
14:55 |
USD |
82.1 |
82.7 |
|
|
15:00 |
GBP |
0.5% |
Government Bond Auction
Date Time Country
Dec 07 16:30 Italy
Dec 10 10:10 Norway
Dec 10 10:10 Slovakia
Dec 10 15:30 UK
Dec 10 16:30 Italy
Dec 11 09:30 Spain
Dec 11 10:10 Greece
Dec 11 10:15 Austria
Dec 11 10:30 Belgium
Dec 11 10:30 UK
Dec 11 18:00 US
Dec 12 10:10 Italy
Dec 12 10:10 Sweden
Dec 12 10:30 Swiss
Dec 12 16:30 US
Dec 13 01:30 Japan
Dec 13 09:30 Spain
Dec 13 10:10 Italy
Dec 13 10:30 UK
Dec 13 16:00 US
Dec 13 18:00 US
Dec 14 11:00 Belgium
Dec 14 15:30 UK