Economic Events: (GMT)

09:00 EUR ECB Monthly Report

The European Central Bank's (ECB) monthly report contains the statistical data that policymakers evaluate when setting interest rates. The report also provides detailed analysis of current and future economic conditions from the bank's perspective.

13:30 USD Building Permits 0.68M 0.67M

Building Permits measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.

 13:30 USD Core PPI (MoM) 0.1% 0.3%

13:30 USD PPI (MoM) 0.3% -0.1%

The Core Producer Price Index (PPI) measures the change in the selling price of goods and services sold by producers, excluding food and energy. The PPI measures price change from the perspective of the seller. When producers pay more for goods and services, they are more likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation.

13:30 USD Housing Starts 0.68M 0.66M

Housing starts measures the change in the annualized number of new residential buildings that began construction during the reported month. It is a leading indicator of strength in the housing sector

13:30 USD Initial Jobless Claims 364K 358K

 13:30 USD Continuing Jobless Claims 3550K 3515K

Initial and Continuing Jobless claims measures the number of individuals who filed for unemployment insurance for the first time or renewed during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

14:00 USD Fed Chairman Bernanke Speaks

Federal Reserve Chairman Ben Bernanke (February 2006 - January 2014) is to speaky on the economic outlook and recent monetary policy actions, in Washington DC

15:00 USD Philadelphia Fed Manufacturing Index 8.4 7.3                                                  

The Philadelphia Federal Reserve Manufacturing Index rates the relative level of general business conditions in Philadelphia. A level above zero on the index indicates improving conditions; below indicates worsening conditions. The data is compiled from a survey of about 250 manufacturers in the Philadelphia Federal Reserve district.

Just a heads up since gold is volatile and will react to most economic indicators we will begin to post the daily calendar with events that could effect the price of gold. The gold price is sensitive to a number of scheduled U.S. and Euro area macroeconomic announcements-including retail sales, non-farm payrolls, and inflation. Gold's high sensitivity to real interest rates and its unique role as a safe-haven and store of value typically leads to a counter-cyclical reaction to surprise news, in contrast to their commodities. It also shows a particularly high sensitivity to negative surprises that might lead financial investors to become more risk averse.

These results have a number of implications. To reduce the uncertainty of the return on gold transactions, traders may wish to time their orders flow so as to avoid the release of information that has been shown to affect prices. For longer-term market participants, these results provide confirmation of the pro-cyclical bias of many commodities and gold's role as a safe-haven during periods of economic uncertainty.

Wednesday Economic Data actual v. forecast

AUD

 

New Motor Vehicle Sales (MoM)

1.3%

 
 
 

-2.7%

 
 

KRW

 

South Korean Trade Balance

-2.03B

 
 
 

-1.96B

 
 

JPY

 

BoJ Monthly Report

 
 
 
 
 
 
 

SGD

 

Singaporean Retail Sales (YoY)

4.2%

 

7.0%

 

6.2%

 
 

EUR

 

French GDP (QoQ)

0.2%

 

-0.2%

 

0.3%

 
 

EUR

 

German GDP (QoQ)

-0.2%

 

-0.3%

 

0.6%

 
 

EUR

 

Spanish CPI (YoY)

2.0%

 

2.0%

 

2.4%

 
 

SEK

 

Swedish GDP (QoQ)

3.4%

 

2.1%

 

3.0%

 
 

HUF

 

Hungarian GDP (YoY)

1.4%

 

0.5%

 

1.4%

 
 

CZK

 

Czech GDP (QoQ)

0.5%

 

0.7%

 

1.2%

 
 

EUR

 

Austrian GDP (YoY)

1.2%

 
 
 

2.5%

 
 

EUR

 

Netherlands GDP (YoY)

-0.7%

 

0.3%

 

1.1%

 
 

EUR

 

Italian GDP (QoQ)

-0.7%

 

-0.6%

 

-0.2%

 
 

GBP

 

Average Earnings Index +Bonus

2.0%

 

1.8%

 

2.0%

 
 

GBP

 

Claimant Count Change

6.9K

 

3.2K

 

1.9K

 
 

GBP

 

Unemployment Rate

8.4%

 

8.4%

 

8.4%

 
 

EUR

 

GDP (QoQ)

-0.3%

 

-0.4%

 

0.1%

 
 

EUR

 

Trade Balance

7.5B

 

4.7B

 

6.1B

 
 

CHF

 

ZEW Expectations

-21.2

 
 
 

-50.1

 
 

MYR

 

Malaysian GDP (YoY)

5.2%

 

4.5%

 

5.8%

 
 

GBP

 

BoE Inflation Report

 
 
 
 
 
 
 

GBP

 

BoE Gov King Speaks

 
 
 
 
 
 
 

USD

 

MBA Mortgage Applications

-1.0%

 
 
 

7.5%

 
 

PLN

 

Polish CPI (YoY)

4.1%

 

4.3%

 

4.6%

 
 

USD

 

NY Empire State Manufacturing Index

19.5

 

14.2

 

13.5

 
 

USD

 

TIC Net Long-Term Transactions

17.9B

 

62.3B

 

61.3B

 
 

 

Gold

Gold Fundamental Analysis February 16, 2012, Forecast

Analysis and Recommendations:

Gold put an end to three straight sessions of declines as ongoing uncertainty over Greece turned investors to the metal's safe-haven appeal. Gold settled at $1,728.10 an ounce, up $10.40, or 0.6%.

The USD continued to surge in afternoon trading as more and more worries about the future of Greece shook investors confidence and risk appeal.

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1691.20
1702.75
1714.00
1725.55
1736.80
1748.35
1759.60

 Fibonacci
1702.75
1711.46
1716.84
1725.55
1734.26
1739.64
1748.35

 Camarilla
1718.98
1721.07
1723.16
1725.55
1727.34
1729.43
1731.52

 Woodie's
-
1702.68
1713.85
1725.48
1736.65
1748.28
-

 DeMark's
-
-
1742.58
1728.44
1719.78
-
-