By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 83.28 down 1.68 in early afternoon trading. During the Asian trading session, Chinese HSBC PMI was released; reporting in at forecast, but the forecast was below the acceptable 50 reading to show growth. The report came in at 48.20 and anything below a 50 shows a contraction in manufacturing. With all the economic help and stimulus from the Chinese government, markets were hoping to see the slowdown in China halted.
In the North American session, the US ISM Manufacturing was also negative, coming in below 50 when economists had projected a reading of 52.00.
A continued slowdown in manufacturing adds to a lower demand for crude oil.
Markets also had the time to evaluate the EU plan, which sent crude oil surging on Friday by 7%. The appointment and the development of the responsibilities of a bank supervisor is not a quick or easy job, which will hold up the plans that was introduced. Also Norway today, blocked the use of EU funds to purchase bonds, voiding an important part of the plan.
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 date for July 2, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
July 2 |
JPY |
Tankan Large Manufacturers Index |
-1 |
-4 |
-4 |
|
CNY |
Chinese HSBC Manufacturing PMI |
48.20 |
48.10 |
||
|
CHF |
Retail Sales (YoY) |
6.2% |
5.0% |
0.2% |
|
|
CHF |
SVME PMI |
48.1 |
45.0 |
45.4 |
|
|
EUR |
French Manufacturing PMI |
45.2 |
45.3 |
45.3 |
|
|
EUR |
German Manufacturing PMI |
45.0 |
44.7 |
44.7 |
|
|
EUR |
Manufacturing PMI |
45.1 |
44.8 |
44.8 |
|
|
GBP |
Manufacturing PMI |
48.6 |
46.7 |
45.9 |
|
|
EUR |
Unemployment Rate |
11.1% |
11.1% |
11.0% |
|
|
USD |
ISM Manufacturing Index |
47.9 |
52.0 |
53.5 |
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Originally posted here
