By FXEmpire.com
Analysis and Recommendations:
Crude Oil remains at the 104. price level, trading at present at 104.31. There is no real explanation except for speculators. Inventories remain unseasonably high, demand continues to fall. Future demand requirements are also falling. The summer driving season is around the corner, with a lack of jobs, and a low GDP, this summer’s consumer demand will remain low. Saudi is pumping record amount of oil and the geopolitical situation is pretty calm.
If Obama has a chance of re-election, he has to fix the economy or at least make the people fell that the economy is getting better. High prices at the pump upset voters. High transportation costs cause a lack of hiring and increase unemployment. It is only a matter of time, before he turns on the pump at the Strategic Reserves and he will run oil into the markets until the price is well below the 100.00 level.
I assure you the timing will be set just perfectly, to make the economic numbers right just before election and if this is the case, it needs to be in May or June. So investors beware.
Economic Data for April 27, 2012 actual. v. forecast
|
JPY |
Unemployment Rate |
4.5% |
4.5% |
4.5% |
|
JPY |
Tokyo Core CPI (YoY) |
-0.5% |
-0.4% |
-0.3% |
|
JPY |
Industrial Production (MoM) |
1.0% |
2.4% |
-1.6% |
|
JPY |
Retail Sales (YoY) |
10.3% |
9.8% |
3.4% |
|
JPY |
Interest Rate Decision |
0.10% |
0.10% |
0.10% |
|
EUR |
GfK German Consumer Climate |
5.6 |
5.9 |
5.8 |
|
EUR |
French Consumer Spending (MoM) |
-2.9% |
-1.9% |
2.9% |
|
CHF |
KOF Leading Indicators |
0.40 |
0.26 |
0.09 |
|
EUR |
Italian 10-Year BTP Auction |
5.84% |
5.57% |
|
|
USD |
Employment Cost Index (QoQ) |
0.4% |
0.5% |
0.5% |
|
USD |
GDP Price Index (QoQ) |
1.5% |
2.0% |
0.8% |
|
USD |
GDP (QoQ) |
2.2% |
2.5% |
3.0% |
Economic Events for April 30, 2012 for the European and US Markets
13:30 USD Core PCE Price Index 0.2% 0.1%
The Core Personal Consumption spending (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
14:45 USD Chicago PMI 61.8 62.2
The Chicago Purchasing Managers’ Index (PMI) determines the economic health of the manufacturing sector in Chicago region. A reading above 50 indicates expansion of the manufacturing sector; a reading below indicates contraction. The Chicago PMI can be of some help in forecasting the ISM manufacturing PMI.
- This Week in Petroleum
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Heating Oil, Propane Residential and Wholesale Price Data
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Click here a current Crude Oil Chart.
Originally posted here
