By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 86.84 as it continued its fall today.
Amid the unending woes of eurozone debt crisis, commodities were seen paring their earlier losses. Now, markets are waiting for a slew of economic data releases that are scheduled for today and tomorrow, to assess the global economic situation. Spot gold, following an initial decline during morning trades started to move up, extending the previous session’s impressive recovery from 1530 levels. Rebound in Euro on anticipation of an Irish vote in favor of Europe’s fiscal pact, helped gold to sustain its gains. Base metals continued to reel under pressure due to the feeble financial situation in Euro Zone and slowing economic growth in China. However, a rise in euro improved the market sentiments to certain extent. In LME, copper was seen regaining some for its lost ground after hitting its lowest in 2012.
Meanwhile, it was on its way to post losses for the third successive month. Currency fluctuations helped to limit the losses. Amid concerns over the demand for crude oil and its rising inventories, an upturn in crude oil prices were witnessed. Nymex crude oil rose after hitting its lowest level since November last year.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.2 million barrels from the previous week. At 384.7 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year Total commercial petroleum inventories increased by 5.5 million barrels last week.
Oil down by 0.24% for the first time in three days as oil demand rose in the United States and the Federal Reserve said its holding off on increasing monetary accommodation due to slow and improving economy. However, supplies remain affected
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 May 31, 2012 actual v. forecast
|
Currency |
Event |
Actual |
Forecast |
Previous |
|
JPY |
Industrial Production (MoM) |
0.2% |
0.5% |
1.3% |
|
AUD |
Building Approvals (MoM) |
-8.7% |
0.7% |
6.0% |
|
AUD |
Private New Capital Expenditure (QoQ) |
6.1% |
4.0% |
-0.7% |
|
CHF |
GDP (QoQ) |
0.7% |
0.1% |
0.5% |
|
GBP |
Nationwide HPI (MoM) |
0.3% |
0.2% |
-0.3% |
|
EUR |
French Consumer Spending (MoM) |
0.6% |
0.3% |
-2.6% |
|
EUR |
German Unemployment Rate |
6.7% |
6.8% |
6.8% |
|
EUR |
German Unemployment Change |
0K |
-5K |
18K |
|
EUR |
CPI (YoY) |
2.4% |
2.5% |
2.6% |
|
USD |
ADP Nonfarm Employment Change |
133K |
148K |
113K |
|
Current Account |
-10.3B |
-11.0B |
-9.7B |
|
|
USD |
Initial Jobless Claims |
383K |
370K |
373K |
|
USD |
GDP (QoQ) |
1.9% |
1.9% |
2.2% |
|
USD |
Continuing Jobless Claims |
3242K |
3250K |
3278K |
|
USD |
Chicago PMI |
52.7 |
56.5 |
56.2 |
WEEKLY
- This Week in Petroleum
Release Schedule: Wednesday @ 1:00 p.m. EST (schedule) - Gasoline and Diesel Fuel Update
Release Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule) - Weekly Petroleum Status Report
Release Schedule: The wpsrsummary.pdf, overview.pdf, and Tables 1-14 in CSV and XLS formats, are released to the Web site after 10:30 a.m. (Eastern Time) on Wednesday. All other PDF and HTML files are released to the Web site after 1:00 p.m. (Eastern Time) on Wednesday. Appendix D is produced during the winter heating season, which extends from October through March of each year. For some weeks which include holidays, releases are delayed by one day. (schedule)
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Previous |
|
Jun 1 |
TBD |
GBP |
|
|
7:15 |
CHF |
4.2% |
|
|
7:30 |
CHF |
46.9 |
|
|
7:45 |
EUR |
43.8 |
|
|
8:30 |
GBP |
50.5 |
|
|
9:00 |
EUR |
10.9% |
|
|
12:30 |
USD |
115K |
|
|
12:30 |
USD |
8.1% |
|
|
12:30 |
USD |
0.0% |
|
|
12:30 |
USD |
0.2% |
|
|
12:30 |
USD |
0.3% |
|
|
14:00 |
USD |
54.8 |
Click here a current Crude Oil Chart.
Originally posted here
