By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 87.58 seesawing between small gains and small losses, with little direction, while investors await the official release from the IMF on global growth.
Crude oil prices held steady today supported by weekend comments from China’s Premier Wen Jiabao that the government would step up its efforts to boost the economy of the world’s second-largest oil consumer.
Although the release of disappointing US retail sales should add pressure to crude oil prices, it seems to be trading steady after the release.
Iran could prevent even “a single drop of oil” passing through the Strait of Hormuz if its security is threatened, a naval chief said on Saturday, as tensions simmer over Tehran’s nuclear program. Turkey is having problems importing Iranian oil, as there is a lack of insurance available as stock piles of Iranian crude sits in storage in Egypt unable to find transport.
The big question for oil markets in the second half of 2012 is whether China will continue building its stockpiles at the same unprecedented rate of the past six months.
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 Releases for Monday, July 16, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 16 |
GBP |
Rightmove House Price Index (MoM) |
-1.7% |
1.0% |
|
|
EUR |
CPI (YoY) |
2.4% |
2.4% |
2.4% |
|
|
EUR |
Core CPI (YoY) |
1.6% |
1.6% |
1.6% |
|
|
USD |
Core Retail Sales (MoM) |
-0.4% |
0.1% |
-0.4% |
|
|
Foreign Securities Purchases |
26.11B |
13.50B |
10.16B |
||
|
USD |
Retail Sales (MoM) |
-0.5% |
0.2% |
-0.2% |
|
|
USD |
NY Empire State Manufacturing Index |
7.4 |
4.0 |
2.3 |
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 |
Event |
Previous |
|
Jul 17 |
8:30 |
GBP |
2.8% |
|
|
9:00 |
EUR |
-16.9 |
||
|
9:15 |
ALL |
G7 Meetings |
||
|
12:30 |
USD |
-0.3% |
||
|
13:00 |
USD |
25.6B |
||
|
13:15 |
USD |
-0.1% |
||
|
Jul 18 |
8:30 |
GBP |
8.1K |
|
|
8:30 |
GBP |
8.2% |
||
|
9:00 |
CHF |
-43.4 |
||
|
12:30 |
USD |
0.78M |
||
|
12:30 |
USD |
0.71M |
||
|
14:30 |
USD |
-4.7M |
||
|
Jul 19 |
6:00 |
CHF |
2.48B |
|
|
8:00 |
EUR |
4.6B |
||
|
8:30 |
GBP |
1.4% |
||
|
12:30 |
USD |
|||
|
14:00 |
USD |
4.55M |
||
|
14:00 |
USD |
-16.6 |
||
|
Jul 20 |
6:00 |
EUR |
-0.3% |
|
|
8:30 |
GBP |
15.6B |
Upcoming Government Bond Auctions
Date Time Country Auction
Jul 17 08:30 Spain Eur 2.5-3.5bn Jul 2013 (12M) & Dec 2013 (18M) T-bills
Jul 17 09:10 Greece Eur 1.25bn Oct 2012 (3M) T-bills
Jul 17 09:30 Belg Up to Eur 3.0bn Oct 2012 (3M) & Jul 2013 (12M) T-bills
Jul 17 10:00 EFSF Up to Eur 1.5bn Jan 2013 (6M) T-bills
Jul 18 09:30 Ger Eur 5.0bn 0.00% Jun 2014 Schatz
Jul 18 09:30 Port Eur 1.75-2.0bn new Jan 2013 (6M) & new Jul 2013 (12M)
Jul 19 00:30 Japan Auctions 5Y JGBs
Jul 19 08:30 Spain Eur 2.0-3.0bn 3.3% Oct 2014 Bono, 5.5% Jul 2017 &
Jul 19 08:50 France Eur 8.0-9.0bn 2.5% Jan 2015, 2.5% Jul 2016 & new 1.0%
Jul 19 09:30 UK GBP 1.75bn 3.75% Jul 2052 Gilt
Jul 19 09:50 France Eur 1.0-1.5bn 1.3% Jul 2019 OATi,
Jul 19 17:00 US USD 15.0bn 10Y Tips
Click here for updated Crude Oil News.
Originally posted here
