Metals Pack Fundamental Analysis September 5, 2013 Forecast – Silver & Copper

Silver wednesday bnsAnalysis and Recommendations:

Silver eased by almost 50 cents today to trade at 23.932 as precious metals took a tumble after a strong day on Tuesday. Industrial metals such as Copper were also in the red, trading at 3.267 down by 37 pips against a flat US dollar. Eco data was supportive of metals today along with stronger Chinese data. Platinum is trading at 1530.25 easing almost $8 while Palladium  tumbled 55 cents at 717.40.

US President Obama appealed to the Congress for a military attack on Syria. Important members of the Senate including Republican John Boehner and the House of Representatives are in favor of military action. As a consequence, base metals declined and, metals are trading down in the range of 0.04% to 0.62% at the LME. Going ahead, the markets should keep a close eye on the services PMI data from around the globe after Chinese PMI came in better. Similar to manufacturing, PMI services should mostly remain higher in the euro-zone and while US services PMI reported well above forecast. The euro-zone’s GDP data reported in line with expectations. However, the retail sales plunged amidst slowing consumption. From the US, the mortgage applications and trade balance might remain weak while the Fed’s Beige book should indicate a moderate economic recovery.

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 4, 2013 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Sep. 04

 

AUD

 

 

GDP (QoQ) 

0.6%

 

0.6% 

 

0.5% 

   

 

 

AUD

 

 

GDP (YoY) 

2.6%

 

2.5% 

 

2.5% 

 

 

 

 

HUF

 

 

Hungarian GDP (YoY) 

0.5%

 

 

 

0.5% 

 

 

 

 

GBP

 

 

Services PMI 

60.5

 

59.0 

 

60.2 

 

 

 

 

EUR

 

 

GDP (QoQ) 

 

 

0.3% 

 

0.3% 

 

 

 

 

EUR

 

 

Retail Sales (MoM) 

 

 

0.4% 

 

-0.5% 

 

 

 

 

CAD

 

 

Trade Balance 

 

 

-1.00B 

 

-0.47B 

 

 

 

 

USD

 

 

Trade Balance 

 

 

-38.7B 

 

-34.2B 

 

 

 

 

CAD

 

 

Exports 

 

 

40.00B 

 

39.57B 

 

 

 

 

CAD

 

 

Interest Rate Decision 

 

 

1.00% 

 

1.00% 

 

 

 

 

USD

 

 

Beige Book 

 

 

 

       

 silver 0904bnsnla

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

Date

Time

Currency

Event

Forecast

Previous

 Sep. 05

11:00

EUR

German Factory Orders (MoM) 

-1.0%

3.8%

 

12:00

GBP

Interest Rate Decision 

0.50%

0.50%

 

12:00

GBP

BoE QE Total 

375B

375B

 

12:45

EUR

Interest Rate Decision 

0.50%

0.50%

 

13:15

USD

ADP Nonfarm Employment Change 

187K

200K

 

13:30

USD

Nonfarm Productivity (QoQ) 

1.3%

0.9%

 

13:30

USD

Unit Labor Costs (QoQ) 

1.1%

1.4%

 

15:00

USD

ISM Non-Manufacturing Index 

55.2

56.0

Government Bond Auction

Date Time Country 

Sep 05 08:30 Spain

Sep 05 08:50 France

Sep 05 15:00 US

Sep 06 15:30 Italy

 

 

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