Metals Pack Fundamental Analysis September 10, 2013 Forecast – Silver & Copper

Metals Pack Fundamental Analysis September 10, 2013 Forecast – Silver & Copper
Metals Pack Fundamental Analysis September 10, 2013 Forecast – Silver & Copper
Analysis and Recommendations:

Silver is trading at 23.710 down by 181 points while Copper gained 28 points to trade at 3.289 after Chinese data was supportive of industrial metals today. Precious metals remained flat for the day, as traders worry about US action in Syria and the upcoming Fed meeting. Chinese data was supportive of metals on the whole after the trade balance showed a jump in exports and PPI and CPI reported close to target this morning. There is a slew of Chinese data due this week that could affect metals. An upswing in Chinese exports lifted the commodities markets today, though worries about Syria and uncertainty over when and by how much the U.S. central bank will cut its stimulus program saw investors hedge their bets. In Europe the differing views over the prospects of an early reduction by the U.S. Federal Reserve of its bond-buying stimulus after Friday’s disappointing payrolls report sent equity markets lower, though German 10-year bond prices also fell. The dollar held steady against most major currencies, caught between the view that the Fed’s tapering and resulting further rises in U.S. bond yields would start soon, and talk a move could be delayed by the weak jobs data.

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 September 10, 2013 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Sep. 09

 

JPY

 

 

Adjusted Current Account 

0.33T

 

0.32T 

 

0.65T 

 

 

 

 

JPY

 

 

GDP (QoQ) 

0.9%

 

0.9% 

 

0.6% 

 

 

 

 

JPY

 

 

Current Account n.s.a. 

0.58T

 

0.49T 

 

0.34T 

 

 

 

 

AUD

 

 

Home Loans (MoM) 

2.4%

 

2.0% 

 

2.6% 

   

 

 

CNY

 

 

Chinese CPI (YoY) 

2.6%

 

2.6% 

 

2.7% 

 

 

 

 

CNY

 

 

Chinese PPI (YoY) 

-1.6%

 

-1.8% 

 

-2.3% 

 

 

 

 

CNY

 

 

Chinese CPI (MoM) 

0.5%

 

0.4% 

 

0.1% 

 

 

 

 

CHF

 

 

Unemployment Rate s.a. 

3.2%

 

3.2% 

 

3.2% 

 

 

 

 

CHF

 

 

Unemployment Rate n.s.a. 

3.0%

 

3.0% 

 

3.0% 

 

 

 

 

CHF

 

 

Retail Sales (YoY) 

0.8%

 

3.2% 

 

2.3% 

 

 

 

 

CAD

 

 

Building Permits (MoM) 

 

 

1.0% 

 

-10.3% 

   

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

Date

Time

Currency

Event

Forecast

Previous

Sep. 10

00:01

GBP

RICS House Price Balance 

40% 

36% 

 

06:30

CNY

Chinese Fixed Asset Investment (YoY) 

20.2% 

20.1% 

 

06:30

CNY

Chinese Industrial Production (YoY) 

9.9% 

9.7% 

 

13:15

CAD

Housing Starts 

189.0K 

192.9K 

Government Bond Auction

Date Time Country 

Sep 10 08:10 Holland

Sep 10 09:30 UK

Sep 10 14:30 UK

Sep 10 17:00 US

Sep 11 09:30 Germany

Sep 11 09:30 Swiss

Sep 11 14:30 Sweden

Sep 11 15:30 Italy

Sep 11 17:00 US

Sep 12 09:10 Sweden

Sep 12 09:30 UK

Sep 12 15:00 US

Sep 12 15:30 Italy

Sep 12 17:00 US

Sep 13 10:00 Belgium

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