By FXEmpire.com
Analysis and Recommendations:
Crude Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen. Crude for July delivery climbed as much as $1.22 to $92.08 a barrel.
A rise in manufacturing activities in May comes with higher number for Dallas Fed Manufacturing index. Thus, oil prices may trade on higher side on the back of positive economic data expectation. As per National Hurricane Centre, tropical storm Beryl dissipated and became tropical depression. Thus, concern of supply disruption declined in Gulf areas, which may also limit the gains in oil prices. Overall, price trend looks upside with limited gains. US consumer confidence reported below forecast limiting oils gains. Markets were sure the report was going to be positive.
Concerns over Iran’s nuclear program and a weaker dollar index also helped the upside in prices of the commodity.
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 29, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 29 |
JPY |
Unemployment Rate |
4.6% |
4.5% |
4.5% |
|
JPY |
Retail Sales (YoY) |
5.8% |
6.3% |
10.3% |
|
|
AUD |
HIA New Home Sales (MoM) |
6.9% |
-9.4% |
||
|
GBP |
CBI Distributive Trades Survey |
21 |
-7 |
-6 |
|
|
EUR |
German CPI (MoM) |
-0.2% |
-0.1% |
0.2% |
|
|
EUR |
German CPI (YoY) |
1.9% |
2.0% |
2.1% |
|
|
USD |
CB Consumer Confidence |
64.9 |
70.0 |
68.7 |
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 |
|
|
May 30 |
7:00 |
CHF |
KOF Economic Barometer |
0.40 |
|
8:00 |
EUR |
M3 Money Supply y/y |
3.2% |
|
|
8:30 |
GBP |
Net Lending to Individuals m/m |
1.4B |
|
|
14:00 |
USD |
Pending Home Sales m/m |
4.1% |
|
|
23:01 |
GBP |
GfK Consumer Confidence |
-31 |
|
|
May 31 |
5:45 |
CHF |
GDP q/q |
0.1% |
|
31st-3rd |
EUR |
German Retail Sales m/m |
0.8% |
|
|
6:45 |
EUR |
French Consumer Spending m/m |
-2.9% |
|
|
7:55 |
EUR |
German Unemployment Change |
19K |
|
|
9:00 |
EUR |
CPI Flash Estimate y/y |
2.6% |
|
|
12:15 |
USD |
ADP Non-Farm Employment Change |
119K |
|
|
12:30 |
USD |
Prelim GDP q/q |
2.2% |
|
|
12:30 |
USD |
Unemployment Claims |
370K |
|
|
13:45 |
USD |
Chicago PMI |
56.2 |
|
|
15:00 |
USD |
Crude Oil Inventories |
0.9M |
|
|
Jun 1 |
TBD |
GBP |
Halifax HPI m/m |
|
|
7:15 |
CHF |
Retail Sales y/y |
4.2% |
|
|
7:30 |
CHF |
SVME PMI |
46.9 |
|
|
7:45 |
EUR |
Italian Manufacturing PMI |
43.8 |
|
|
8:30 |
GBP |
Manufacturing PMI |
50.5 |
|
|
9:00 |
EUR |
Unemployment Rate |
10.9% |
|
|
12:30 |
USD |
Non-Farm Employment Change |
115K |
|
|
12:30 |
USD |
Unemployment Rate |
8.1% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.0% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.2% |
|
|
12:30 |
USD |
ISM Manufacturing PMI |
0.3% |
|
|
14:00 |
USD |
S&P/CS Composite-20 HPI y/y |
54.8 |
Government Bond Auctions
Date Time Country
May 30 09:10 Italy
May 30 09:10 Sweden
.
Click here to read Crude Oil Technical Analysis.
Originally posted here
