By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 85.45 having gained 1.00 in this morning’s trading. Increased possibility of supply disruption from Norway and Iran lifted crude oil prices. Nymex and Brent crude oil inched up after talks between employers and striking workers were unsuccessful threatening full closure of oil production from Norway, the world’s eighth largest crude oil exporter.
Market sentiments remained skeptical ahead of another round of EU- finance ministers meeting in Brussels, slated to begin today evening. The talking points are likely to revolve around assistance for Spain and Greece. After the rate cut action by key central banks across the globe last week, financial markets would be keenly watching for the U.S FOMC minutes on Wednesday. An indication of further quantitative easing would be very welcome. Chinese inflation numbers, which fell to a 29-month low earlier today, could give some leeway to the Chinese central bank which had recently cut its rate for the second time in less than few weeks, for further stimulus action. However, the recent action is calling for a ground reality check that a hard landing could become inevitable for the Chinese economy. The week is lined up with some crucial economic numbers from China in terms of Industrial production, GDP and retail sales.
Based on global sentiment and demand, crude should be trading down, but the geopolitical possibilities are helping to support prices at this time. We should see crude begin to fall under the 80.00 price level by mid week.
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.
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
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Economic Data for July 9, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 09 |
00:50 |
JPY |
Adjusted Current Account |
0.28T |
0.42T |
0.29T |
|
02:30 |
CNY |
Chinese CPI (YoY) |
2.2% |
2.3% |
3.0% |
|
|
02:30 |
CNY |
Chinese PPI (YoY) |
-2.1% |
-1.9% |
-1.4% |
|
|
02:30 |
CNY |
Chinese CPI (MoM) |
-0.6% |
-0.3% |
-0.3% |
|
|
06:45 |
CHF |
Unemployment Rate |
2.9% |
3.2% |
2.9% |
|
|
13:30 |
EUR |
ECB President Draghi Speaks |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 10 |
6:45 |
EUR |
1.5% |
|
|
8:30 |
GBP |
-0.7% |
||
|
8:30 |
GBP |
-10.1B |
||
|
14:00 |
GBP |
0.1% |
||
|
Jul 11 |
12:30 |
USD |
-50.1B |
|
|
14:30 |
USD |
-4.3M |
||
|
Jul 12 |
9:00 |
EUR |
-0.8% |
|
|
12:30 |
USD |
|||
|
12:30 |
USD |
-1.0% |
||
|
18:00 |
USD |
-124.6B |
||
|
7:15 |
CHF |
-0.2% |
||
|
Jul 13 |
12:30 |
USD |
-1.0% |
|
|
13:55 |
USD |
73.2 |
Click here to read Crude Oil Technical Analysis.
Originally posted here
