By FXEmpire.com
Analysis and Recommendations:
Crude Oil dripped a bit in today’s session trading at 83.92 after rallying yesterday to the mid 84’s. In early trading speculators took advantage of the weakened dollar to move into USD denominated commodities, but by midsession, the USD had strengthened and the rally faded as crude fell 0.06.
European equities traded on a mixed note today on the back of decline in European retail sales and German factory orders. Euro Final Services PMI rose to 46.7-level in last month from 46.5-mark in April. European Retail Sales declined by 1 percent in April as compared to previous rise of 0.3 percent a month ago. German Factory Orders declined by 1.9 percent in April with respect to rise of 3.2 percent in March.
In the US, the Institute for Supply Management’s index of nonmanufacturing businesses rose to 53.7% in May from 53.5% in April boosting the USD.
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline 0.9 million barrels for the week ending on 1st June 2012. Remember the API report has not been close to correct for several 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 for June 5, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun. 05 |
AUD |
Current Account |
-14.9B |
-14.8B |
-9.6B |
|
AUD |
Interest Rate Decision |
3.50% |
3.75% |
3.75% |
|
|
EUR |
Retail Sales (MoM) |
-1.0% |
-0.1% |
0.3% |
|
|
EUR |
German Factory Orders (MoM) |
-1.9% |
-1.0% |
3.2% |
|
|
Building Permits (MoM) |
-5.2% |
-2.0% |
4.9% |
||
|
CAD |
Interest Rate Decision |
1.00% |
1.00% |
1.00% |
|
|
USD |
ISM Non-Manufacturing Index |
53.7 |
53.5 |
53.5 |
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 |
Forecast |
Previous |
|
Jun 6 |
|||||
|
8:30 |
GBP |
55.8 |
|||
|
10:00 |
EUR |
2.8% |
|||
|
11:45 |
EUR |
1.00% |
1.00% |
||
|
12:30 |
EUR |
||||
|
14:30 |
USD |
||||
|
18:00 |
USD |
||||
|
23:01 |
GBP |
-3.3% |
|||
|
Jun 7 |
7:00 |
CHF |
235.6B |
||
|
7:15 |
CHF |
0.1% |
|||
|
8:30 |
GBP |
53.3 |
|||
|
11:00 |
GBP |
325B |
|||
|
11:00 |
GBP |
0.50% |
0.50% |
||
|
12:30 |
USD |
383K |
|||
|
14:00 |
USD |
||||
|
Jun 8 |
8:30 |
GBP |
-1.5% |
||
|
8:30 |
GBP |
3.5% |
|||
|
12:30 |
USD |
-51.8B |
|||
|
14:00 |
USD |
Click here a current Crude Oil Chart.
Originally posted here
