By FXEmpire.com

Analysis and Recommendations:

Crude Oil is trading at 92.71 up 0.51 in today’s session. With little to support crude oil, but positive sentiment in the markets, and a weakened USD pushed crude upwards.

Crude oil rose today, on hopes that Europe would take further action to tackle its intractable debt crisis, while supply worries stemming from North Sea maintenance and Middle East tensions added further support.

Also the weather bureau forecast that tropical storm Ernesto, would upgrade to a hurricane.

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 August 7, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 07

AUD

Interest Rate Decision

3.50%

3.50%

3.50%

AUD

RBA Rate Statement

CHF

Unemployment Rate

2.9%

2.9%

2.9%

CHF

CPI (MoM)

-0.5%

-0.6%

-0.3%

GBP

Industrial Production (MoM)

-2.5%

-3.4%

1.0%

GBP

Manufacturing Production (MoM)

-2.9%

-4.1%

1.2%

GBP

Industrial Production (YoY)

-4.3%

-5.0%

-1.8%

EUR

German Factory Orders (MoM)

-1.7%

-1.0%

0.7%

CAD

Building Permits (MoM)

-2.5%

-4.0%

7.1%

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

Previous

Aug 8

5:45

CHF

SECO Consumer Climate

-8

9:30

GBP

BOE Inflation Report

10:00

EUR

German Industrial Production m/m

1.6%

12:30

USD

Prelim Nonfarm Productivity q/q

-0.9%

12:30

USD

Prelim Unit Labor Costs q/q

1.3%

14:30

USD

Crude Oil Inventories

Aug 9

8:00

EUR

ECB Monthly Bulletin

8:30

GBP

Trade Balance

-8.4B

12:30

USD

Trade Balance

-48.7B

12:30

USD

Unemployment Claims

Aug 10

6:45

EUR

French Industrial Production m/m

-1.9%

8:30

GBP

PPI Input m/m

-2.2%

12:30

USD

Import Prices m/m

-2.7%

18:00

USD

Federal Budget Balance

-59.7B

Government Bond Auctions

Date Time Country

Aug 08 09:30 Germany

Aug 08 10:00 Norway

Aug 08 15:30 Italy

Aug 08 17:00 US

Aug 09 15:30 Italy

Aug 09 17:00 US

Aug 10 10:00 Belgium

Aug 13 09:10 Italy

Aug 13 09:10 Norway

Aug 13 09:30 Germany

Click here for updated Crude Oil News.

Originally posted here