By FXEmpire.com

Analysis and Recommendations:

Crude Oil climbed again today, trading at 104.20 as commodities were on a greener turf bolstered by the U.S Federal Reserve comments over the U.S economy and reassurance that it was ready to provide monetary stimulus to the economy if necessary. Spot gold firmed up helped by Fed’s comments and a weaker dollar. Base metals in LME and Shanghai rose with LME copper inching up to a two week high.

However, gains were limited on concerns over demand from China. MCX base metal complex rose too with nickel being the best performer, advancing at least a per cent. Optimistic view of the Fed over the state of U.S economy lifted crude oil prices to almost one week high.

However, waning worries over Iran after its envoy in Moscow said that the country may halt the expansion of its atomic program to avert new sanctions may weigh on. Earlier, Euro-Area April economic confidence fell to 92.8, further bolstering belief that the spreading debt contagion is taking its toll on key economic indicators.

Nymex crude oil prices trading slightly lower today on the back of rising inventories coupled with the news that Iran may come to a halt in its nuclear expansion. However, further downside in prices was restricted on account of Federal Reserve’s statement and a weaker dollar index. Oil prices touched an intra-day low of $ 103.86/bbl and were hovering around $ 104.20/bbl.

Economic Data for April 26, 2012 actual v. forecast

KRW

South Korean GDP (QoQ)

0.9%

0.9%

0.3%

KRW

South Korean GDP (YoY)

2.8%

3.0%

3.3%

GBP

Nationwide Consumer Confidence

53

42

44

DKK

Danish Unemployment Rate

4.30%

4.30%

4.20%

GBP

BBA Mortgage Approvals

31.9K

34.3K

32.8K

GBP

CBI Distributive Trades Survey

-6

-4

0

BRL

Brazilian Unemployment Rate

6.2%

6.0%

5.7%

USD

Initial Jobless Claims

388K

375K

389K

USD

Continuing Jobless Claims

3315K

3295K

3312K

USD

Pending Home Sales (MoM)

1.0%

-0.5%

Economic Events scheduled for April 27, 2012 that affect the European and American Markets

06:00 EUR Gfk Consumer Confidence Survey (May)

The GfK Consumer Confidence is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn

TBD GBP Nationwide Housing Prices s.a (MoM) (Mar)

The Nationwide Housing Prices shows the value of the houses prices in UK and indicate current movements in the housing market that is considered as a sensitive factor to the UK’s economy.

TBD GBP Nationwide Housing Prices n.s.a (YoY) (Mar)

The Nationwide Housing Prices shows the value of the houses prices in UK and indicate current movements in the housing market that is considered as a sensitive factor to the UK’s economy.

09:00 CHF KOF Leading Indicator (Apr)

The KOF Swiss Leading Indicator is released by the Konjunkturforschungsstelle Swiss Institute for Business Cycle Research and it’s a joint survey with leading indicator which measures future trends of the overall economic activity. It captures the movement of GDP growth and the economic trend in Switzerland

12:30 USD Gross Domestic Product Annualized (Q1)

The Gross Domestic Product annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. It is a gross measure of market activity because it indicates the pace at which a country’s economy is growing or decreasing.

12:30 USD Gross Domestic Purchases Price Index (Q1)

The GDP Price Index released by the Bureau of Economic Analysis, Department of Commerce gauges the change in the prices of goods and services. Changes in the GDP price index are followed as an indicator of inflationary pressure that may anticipate interest rates to rise.

12:30 USD Real Personal Consumption Expenditures (QoQ) (Q1

The Real Personal Consumption Expenditure released by the US Bureau of Economic Analysis is an average of the amount of money the consumers spend in a month on durable goods, consumer products, and services.. It is considered as an important indicator of inflation.

13:55 USD Reuters/Michigan Consumer Sentiment Index (Apr)

The Reuters/Michigan Consumer Sentiment Index released by the Reuters/University of Michigan is a survey of personal consumer confidence in economic activity. It shows a picture of whether or not consumers are willing to spend money

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)

Click here to read Crude Oil Technical Analysis.

Originally posted here