Metals Pack Fundamental Analysis September 4, 2013 Forecast – Silver & Copper

silver tuesday bnsAnalysis and Recommendations:

Silver continued to gain adding 72 cents today to trade at 24.24 while Copper climbed by 52 pips to trade at 3.285. Silver prices gained around 0.2 percent today. However, sharp upside was capped due to downside in base metals, fall in gold prices and strength in the DX. Base metals on the LME are trading on a negative note as Russia was quoted as saying that the US warships has been sent close to Syria leading to increased political tensions. Strength in the DX added further downside pressure. Copper declined by 0.5 percent on the LME on account of surging political tensions in Syria due to US warships. Gain in LME copper inventories by as much as 2.2 percent and strength in the DX led to further downfall.

The metals pack climbed backed by the optimism over the improving manufacturing PMI in China and the euro -zone yesterday. Early this morning, the Chinese non-manufacturing PMI increased at a slower pace and added a slight weakness to commodity prices.

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 3, 2013 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Sep. 03

 

AUD

 

 

Current Account 

-9.4B

 

-8.7B 

 

-8.7B 

   

 

 

AUD

 

 

Retail Sales (MoM) 

0.1%

 

0.4% 

 

0.0% 

 

 

 

 

AUD

 

 

Interest Rate Decision 

2.50%

 

2.50% 

 

2.50% 

 

 

 

 

AUD

 

 

RBA Rate Statement 

 

 

 

 

 

 

 

 

 

CHF

 

 

Swiss GDP (QoQ) 

0.5%

 

0.3% 

 

0.6% 

 

 

 

 

EUR

 

 

Spanish Unemployment Change 

0.0K

 

-5.2K 

 

-64.9K 

 

 

 

 

GBP

 

 

Construction PMI 

59.1

 

58.3 

 

57.0 

 

 

 

 

CAD

 

 

RBC Manufacturing PMI 

 

 

 

 

52.0 

 

 

 

 

USD

 

 

ISM Manufacturing Index 

 

 

54.0 

 

55.4 

   

 silver 0903bnsnla

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

Date

Time

Currency

Event

Forecast

Previous

 Sep. 04

09:28

GBP

Services PMI 

59.0

60.2

 

10:00

EUR

GDP (QoQ) 

0.3%

0.3%

 

10:00

EUR

Retail Sales (MoM) 

0.4%

-0.5%

 

13:30

USD

Trade Balance 

-38.2B

-34.2B

Government Bond Auction

Date Time Country 

Sep 04 09:10 Sweden

Sep 04 09:30 Germany

Sep 05 08:30 Spain

Sep 05 08:50 France

Sep 05 15:00 US

Sep 06 15:30 Italy

 

 

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