On Today’s Agenda
Bernanke Speech: following the FOMC meeting the Chairman of the Federal Reserve will give a speech regarding the US labor market that may affect the direction of forex and commodities markets. If he will provide big headlines from this speech it could have a big effect on gold and silver prices;
U.S. Pending Home Sales: This report shows the changes in pending home sales in the U.S. for February 2012; in the recent report the pending home sales index rose by 2% compared with the previous month’s index; based on last week’s reports on housing sales (new and existing) the pending sales may also decrease. In such a case U.S dollar may weaken;
German Business Climate Survey: This survey estimates the developments (on a monthly basis) of the business climate of Germany. If this report will continue to be positive, it may positively affect the Euro;
ECB President Draghi Speaks: Following the March ECB rate decision in which the rate remained at 1% the President of the ECB will give a speech. He may refer to the recent Greek debt crisis and the progress of the EU economy. His speech may influence the direction of the Eur/USD currencies pair;
Forex / Gold & Silver Market – March
The Euro/U.S Dollar rose on Friday by 0.52% to 1.327. During March Euro/U.S Dollar decreased by 0.41%; furthermore, the Australian dollar Canadian dollar also appreciated against the U.S. dollar by 0.72%, and 0.14%, respectively. The Aussie dollar and Euro were historically linearly correlated with the daily percent changes of gold and silver prices. If the Euro/USD and AUD/USD currencies pair will continue to rally today then they may indicate gold and silver may also trade up. Currently, the Euro/USD is slightly falling.
Sumber : TradingNRG
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