Silver Fundamental Analysis July 10, 2012, Forecast

Analysis and Recommendations:

Silver traded positive today, increasing more than gold to trade at 27.365 adding 1.65% whereas gold is trading at 1588.05 but only added 0.58%.

Precious metals traded mostly steady. Spot gold was little changed while, spot silver ticked up. Investors choose to stay on the sideline for fresh cues after the weekend fall on a sluggish US jobs data. Base metal threw mixed signals with complex in Shanghai Futures Exchange mostly in red while, in the LME metals traded steady. China’s inflation data for the month of June released earlier today indicated a cool off in price levels, which ignited hopes of further monetary stimulus. LME copper was tad up snapping three consecutive sessions of losses.

Global sentiment is fairly negative at this time, while investors sit and wait for news flow from the Eurogroup meeting, where Euro Ministers are discussing the implementation of the EU banking plan proposed at the EU Summit on June 29th.

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 up to the data analysis and information in our weekly reports.

Economic Data for July 9, 2012 actual v. forecast

Date

Time

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Jul. 09

00:50

 

JPY

 

 

 

Adjusted Current Account 

0.28T

 

0.42T 

 

0.29T 

 

 

 

02:30

 

CNY

 

 

 

Chinese CPI (YoY) 

2.2%

 

2.3% 

 

3.0% 

 

 

 

02:30

 

CNY

 

 

 

Chinese PPI (YoY) 

-2.1%

 

-1.9% 

 

-1.4% 

 

 

 

02:30

 

CNY

 

 

 

Chinese CPI (MoM) 

-0.6%

 

-0.3% 

 

-0.3% 

 

 

 

06:45

 

CHF

 

 

 

Unemployment Rate 

2.9%

 

3.2% 

 

2.9% 

   

 

13:30

 

EUR

 

 

 

ECB President Draghi Speaks 

 

 

 

 

 

   

 

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

Date

Time

Currency

 Event

Previous

Jul 10

6:45

EUR

French Industrial Production m/m

1.5%

8:30

GBP

Manufacturing Production m/m

-0.7%

8:30

GBP

Trade Balance

-10.1B

14:00

GBP

NIESR GDP Estimate

0.1%

Jul 11

12:30

USD

Trade Balance

-50.1B

14:30

USD

Crude Oil Inventories

-4.3M

Jul 12

9:00

EUR

Industrial Production m/m

-0.8%

12:30

USD

Unemployment Claims

 

12:30

USD

Import Prices m/m

-1.0%

18:00

USD

Federal Budget Balance

-124.6B

7:15

CHF

PPI m/m

-0.2%

Jul 13

12:30

USD

PPI m/m

-1.0%

13:55

USD

Prelim UoM Consumer Sentiment

73.2

 

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