Weekly Analysis and Recommendations: Silver continued to decline to trade at 17.256 slowly easing towards the $17.00 price weighed down by precious metals
Silver continued to decline to trade at 17.256 slowly easing towards the $17.00 price weighed down by precious metals and a lack of demand for industrial metals. Copper ended the week at 3.005 moving a bit off the bottom of 2.97 this week although traders continue to monitor the Chinese economy for metal demands. Copper prices plunged to their lowest levels in six months on Friday, pressured by concerns about the outlook for global economic growth and caution about the implications of the approaching end of US stimulus measures. Industrial metals rebounded on Friday, taking a pause after heavy losses this week, but analysts cautioned that markets were still on edge and vulnerable to deeper losses.
Copper was the weakest metal, bouncing slightly after hitting six-month lows on concern about a surge of mine supply swamping the market.
The rise in other metals was stronger, along with other global financial markets, following signs of strength in the US economy and reassuring words from US and European policymakers.
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
Economic Highlights of the coming week:
Day |
Cur. |
Imp. |
Event |
Actual |
Forecast |
Previous |
|
Tuesday, October 21 |
|||||||
|
CNY |
GDP (QoQ) (Q3) |
|
1.8% |
2.0% |
|
|
|
CNY |
GDP (YoY) (Q3) |
|
7.2% |
7.5% |
|
|
|
CNY |
Industrial Production (YoY) (Sep) |
|
7.5% |
6.9% |
|
|
|
USD |
Existing Home Sales (Sep) |
|
5.10M |
5.05M |
|
|
Wednesday, October 22 |
|||||||
|
AUD |
CPI (QoQ) (Q3) |
|
0.4% |
0.5% |
|
|
|
USD |
Core CPI (MoM) (Sep) |
|
0.1% |
|
|
|
|
CAD |
Core Retail Sales (MoM) (Aug) |
|
|
-0.6% |
|
|
|
CAD |
Interest Rate Decision |
|
|
1.00% |
|
|
Thursday, October 23 |
|||||||
|
CNY |
HSBC Manufacturing PMI (Oct) |
|
|
50.2 |
|
|
|
EUR |
German Manufacturing PMI (Sep) |
|
49.5 |
49.9 |
|
|
|
GBP |
Retail Sales (MoM) (Sep) |
|
-0.1% |
0.4% |
|
|
Friday, October 24 |
|||||||
|
GBP |
GDP (YoY) (Q3) |
|
3.0% |
3.2% |
|
|
|
GBP |
GDP (QoQ) (Q3) |
|
0.7% |
0.9% |
|
|
|
USD |
New Home Sales (Sep) |
|
470K |
504K |
Upcoming Government Bond Auctions
Date Time Country
Oct 21 10:30 Spain 3 & 9M T-bill auction
Oct 21 11:00 Norway Bond auction
Oct 21 11:00 UK Auctions 2.75% 2024 Gilt
Oct 22 11:30 Germany Eur 2.0bn Aug 2046 Bund auction
Oct 23 11:03 Sweden I/L bond auction
Oct 23 17:00 US Announces 2/5/7Y Note & 2Y FRN auctions on Oct 28/29/30 & 29
Oct 23 17:30 Italy Announces details of BTPei/CTZ auctions on Oct 28
Oct 23 19:00 US 30Y TIPS auction
Oct 24 17:30 Italy Announces details of BOT auction on Oct 29