By FXEmpire.com

Analysis and Recommendations:

Crude Oil remains elevated at 89.85 In the midst of unrelenting worries over the eurozone debt contagion, market focus has now turned upon the release of advanced estimates of second quarter US GDP which is scheduled for release tomorrow.

Sentiments were mixed in commodities ahead of the key data. Precious metals moved mostly steady, sustaining the previous session gains. Spot gold held above $1600 an ounce, near its three week high. Hopes of more central bank action to support the flagging economic growth boosted the prices. Base metals in LME weakened after trading mostly steady earlier today as worries over demand continued to cap gains. LME copper and nickel dropped more than one per cent. String of weak data from the leading economics weighed on the sentiments. Tracking losses in the international market, base metal complex dropped in MCX too. Investors are keenly waiting for the US economic growth data for further cues. Crude oil dipped after posting gains for the last two consecutive sessions. The rise in crude oil stockpiles and gloomy global economic outlook exerted downward pressure over the market. However, ongoing geopolitical tensions in the Middle-east are likely to cushion the falling prices.

Today’s comments from ECB President that the bank would not sit idly by and let the euro collapse, were well received by the markets, and have skewed prices in today’s session with the euro soaring close to 200 points in just a short time span. The markets will likely see corrections towards the close and in tomorrow’s session.

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 26, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Jul. 26

KRW

South Korean GDP (QoQ)

0.4%

0.5%

0.9%

JPY

BoJ Governor Shirakawa Speaks

EUR

GfK German Consumer Climate

5.9

5.8

5.8

USD

Core Durable Goods Orders (MoM)

-1.1%

0.1%

0.8%

USD

Durable Goods Orders (MoM)

1.6%

0.4%

1.6%

USD

Initial Jobless Claims

353K

380K

388K

USD

Continuing Jobless Claims

3287K

3310K

3317K

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 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 27 09:10 Italy

Jul 27 17:00 US

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Originally posted here