Here are the key factors to keep in mind today for Silver trades:

• Japanese GDP: Forex traders received some rare news out of the Japanese economy today with the release of the first-quarter GDP report. Economists expected an increase of 0.4% in the first-quarter and an annualized increase of 1.6%. The released GDP report showed an increase of 0.6% in the first-quarter and an annualized increase of 2.4%. This can be compared to the previous GDP report which showed a downward revised quarterly increase of 0.3% and a downward revised annualized increase of 1.1%. GDP Private Consumption rose 0.4% on the first-quarter which was twice the 0.2% increase economists were looking for and matched the upward revised 0.4% increase reported in the previous report. The better than expected private consumption figure was offset by an increase of only 0.4% in GDP Business Spending. Economists were looking for an increase of 0.6%, but GDP Business Spending picked up from the upward revised flat reading reported in the previous quarter. The annualized GDP Product Deflator for the first-quarter rose by 3.4%. This is slightly below the 3.6% economists expected, but above the 2.4% reported in the previous quarter.
• Australian Westpac Consumer Confidence Index: The Australian consumer grew a lot more confident in May as the Westpac Consumer Confidence Index rose by 6.4% to 102.4. Forex traders can compare this to the 3.2% drop to 96.2 reported in April.
• German Producer Price Index: With the ECB in full swing of its stimulus inflation reports have become more important and today’s German PPI should not be ignored. Economists expect an increase of 0.2% for April month, but an annualized contraction of 1.4%. Should expectations be confirmed it would be an improvement over March where the PPI rose 0.1% monthly and posted an annualized contraction of 1.7%.
• Bank of England Minutes: Forex traders should read the minutes from the last meeting very carefully as a change in monetary policy could be on the horizon. The British economy has performed well and a change in interest rates may be announced this year.
• FOMC Minutes: Just as the Bank of England will release minutes the US Federal Reserve will release its minutes where expectations are opposite than with the Bank of England. An increase in interest rates is likely to be postponed beyond this year as the US economy struggles.

Open your PaxForex Trading Account now and add this commodity to your commodity portfolio.