By FXEmpire.com

Analysis and Recommendations:

Crude Oil fell as market sentiment turned negative, crude is trading at 88.50.Nymex crude oil prices declined around 2.5 percent today on the back of expectations of slowdown in China and US, Euro Zone debt concerns will curb demand for fuel along with strength in the DX.

Most active crude oil August contract in MCX were also lost more than 2 percent following overseas market. In base metals, copper was the top looser with over 1.30 percent in MCX while in LME it had lost 2.34 percent during the session. Silver, Nickel, Lead and Zinc were the other commodities which lost grounds in domestic market today. The euro weakened again, nearly a 25 month low against the dollar and 12-year trough against the Japanese Yen. At the same time dollar swiftly recovered from its two week low and is presently trading near its two year high level. However, latest CFTC data shows money managers and hedge funds had raised their bullish bets on natural gas futures and options for the straight fourth week, while bullish bets in bullion have been reduced.

As oil began to flow once again to Turkey with the pipeline operating and Iranian rhetoric toned down geopolitical tensions seem to have eased allowing prices to fall.

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 July 23, 2012 actual v. forecast

Date

Time

Currency

Event

Actual

Forecast

Previous

Jul. 23

01:30

TWD

Taiwanese Unemployment Rate

4.24%

4.30%

4.25%

02:30

AUD

PPI (QoQ)

0.5%

0.3%

-0.3%

10:30

EUR

German 12-Month Bubill Auction

-0.054%

0.019%

13:30

USD

Chicago Fed National Activity

-0.15

-0.48

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

Jul 24

7:00

EUR

French Flash Manufacturing PMI

45.2

7:00

EUR

French Flash Services PMI

47.9

7:30

EUR

German Flash Manufacturing PMI

45.0

7:30

EUR

German Flash Services PMI

49.9

8:00

EUR

Flash Manufacturing PMI

45.1

8:30

GBP

BBA Mortgage Approvals

30.2K

9:00

EUR

Flash Services PMI

47.1

13:00

USD

Flash Manufacturing PMI

52.5

Jul 25

8:00

EUR

German Ifo Business Climate

105.3

8:30

GBP

Prelim GDP q/q

-0.3%

10:00

GBP

CBI Industrial Order Expectations

-11

13:00

EUR

Belgium NBB Business Climate

-13.2

14:00

USD

New Home Sales

369K

14:30

USD

Crude Oil Inventories

Jul 26

6:00

EUR

GfK German Consumer Climate

5.8

8:00

EUR

M3 Money Supply y/y

2.9%

12:30

USD

Core Durable Goods Orders m/m

0.7%

12:30

USD

Unemployment Claims

14:00

USD

Pending Home Sales m/m

5.9%

Jul 27

27th-31st

GBP

Nationwide HPI m/m

-0.6%

All Day

EUR

German Prelim CPI m/m

-0.1%

7:00

CHF

KOF Economic Barometer

1.16

12:30

USD

Advance GDP q/q

1.9%

13:55

USD

Revised UoM Consumer Sentiment

72.0

Government Bond Auctions

Date Time Country

Jul 24 08:30 Netherlands

Jul 24 08:30 Spain

Jul 24 15:30 Italy

Jul 24 17:00 US

Jul 25 09:30 Germany

Jul 25 15:30 Italy

Jul 25 17:00 US

Jul 26 00:30 Japan

Click here a current Crude Oil Chart.

Originally posted here