Weekly Analysis and Recommendations: Silver spent most of the week bouncing around in a tight trading range near the 17.-17.50 price range under the
Silver spent most of the week bouncing around in a tight trading range near the 17.-17.50 price range under the influence of precious metals and base metals. Copper closed the week at 3.038 recovering from its fall below $3 after the IMF reduced global growth and predicted a recession in the eurozone. Copper trimmed its first weekly gain since August amid worry that European economies are slowing down and Germany is heading for recession.
Copper on the London Metal Exchange slipped as much as 1.2 percent, leading industrial metals lower. There are signs the euro area’s economic recovery is losing momentum, European Central Bank President Mario Draghi said yesterday. Exports from Germany, the third-largest metals consumer, slumped the most since January 2009, data showed yesterday, while a report by four economic institutes warned the nation’s economy is on the edge of recession.
The metal used in power and construction has lost 9 percent for the year, weighed down by the outlook for slack demand as more supplies enter the market.
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 and we provide daily updates and outlooks.
Historical: From 2011 to present
Highest: 44.188 on Aug 22, 2011
Average: 31.108 over this period
Lowest: 16.47 in September 2014
Upcoming Major Economic Events for the week of Oct 13-17, 2014
Time |
Cur. |
Imp. |
Event |
Actual |
Forecast |
Previous |
|
Monday, October 13 |
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|
|
Holiday |
Japan – Health-Sports Day |
||||
|
|
Holiday |
Canada – Thanksgiving Day |
||||
CNY |
Trade Balance (Sep) |
|
41.00B |
49.83B |
|
||
Tuesday, October 14 |
|||||||
GBP |
CPI (YoY) (Sep) |
|
1.4% |
1.5% |
|
||
Wednesday, October 15 |
|||||||
|
CNY |
CPI (YoY) (Sep) |
|
1.7% |
2.0% |
|
|
|
GBP |
Average Earnings Index +Bonus (Aug) |
|
0.7% |
0.6% |
|
|
|
GBP |
Claimant Count Change (Sep) |
|
-35.0K |
-37.2K |
|
|
|
USD |
Core Retail Sales (MoM) (Sep) |
|
0.3% |
0.3% |
|
|
|
USD |
PPI (MoM) (Sep) |
|
0.1% |
|
|
|
|
USD |
Retail Sales (MoM) (Sep) |
|
-0.1% |
0.6% |
|
|
Thursday, October 16 |
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|
EUR |
CPI (YoY) (Sep) |
|
0.3% |
0.3% |
|
|
|
USD |
Philadelphia Fed Manufacturing Index (Oct) |
|
19.9 |
22.5 |
|
|
Friday, October 17 |
|||||||
|
USD |
Building Permits (Sep) |
|
1.030M |
1.003M |
|
|
|
CAD |
Core CPI (MoM) (Sep) |
|
|
0.5% |