By FXEmpire.com

Analysis and Recommendations:

Crude Oil is trading at 88.30 as it seesaws between small gains and losses. Today market have been more focused on news flow then on fundamentals. With little good news, crude oil has little support, but ongoing global tension continues to keep the price off balance against dropping demands and poor eco data.

Today, EU PMI’s were mostly negative and Chinese PMI reported slightly above expectations but still below the 50 level needed to show growth.

Oil weakened on concern that Europe’s sovereign-debt crisis is deepening and as a Chinese central-bank adviser said the country’s economic expansion may slow further. The cost of insuring Spanish debt surged to a record. Greece’s creditors will gather today in Athens amid doubts that the nation will meet bailout targets as the IMF cuts off funding

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 24, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Jul. 24

CNY

Chinese HSBC Manufacturing PMI

49.50

48.20

AUD

RBA Governor Stevens Speaks

EUR

French Manufacturing PMI

43.6

45.5

45.2

HUF

Hungarian Retail Sales (YoY)

-2.50%

-2.00%

-2.80%

EUR

German Manufacturing PMI

43.3

45.3

45.0

EUR

Manufacturing PMI

44.1

45.3

45.1

GBP

BBA Mortgage Approvals

26.3K

31.4K

29.6K

CAD

Core Retail Sales (MoM)

0.5%

0.2%

-0.4%

CAD

Retail Sales (MoM)

0.3%

0.5%

-0.6%

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 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 25 09:30 Germany

Jul 25 15:30 Italy

Jul 25 17:00 US

Jul 26 00:30 Japan

Jul 26 09:10 Italy

Jul 27 09:10 Italy

Jul 27 17:00 US

Click here to read Crude Oil Technical Analysis.

Originally posted here