By FXEmpire.com
Analysis and Recommendations:
Crude Oil prices were floating near its one week high levels. Brent crude was hovering near $106 a barrel while Nymex crude oil was held near $90 a barrel. Boiling geopolitical tensions in Middle-east and optimism over monetary easing kept prices near the one week high/ Crude is trading at this writing at 89.81
An action packed week ahead, the US Federal Open Market Committee’s and European Central Bank’s policy decision on Wednesday and Thursday respectively takes the center stage. The investor sentiments are likely to evolve around these two crucial events that may set a tone for the market in coming days. Following a string of weak economic indicators and sagging economic growth numbers from US, market expectations are high that the Federal Reserve may launch more aggressive measures, probably another round of quantitative easing to prop up economic growth. The advanced estimates of the US second quarter GDP and personal spending released indicated a slowdown reigniting hopes of monetary easing by the Fed. Over to the other side of Atlantic, with ECB Chairman promising to do whatever it takes to preserve Euro, the rate announcement and post announcement speech on Thursday will be highly watched out for ECB’s take. Apart from this, Chinese manufacturing PMI for July on Wednesday and US non-farm payrolls on Friday will probably be the other market movers. For the day, no major data are slated to release except for US Dallas Fed Manufacturing Activity for July.
Meanwhile, Euro Zone economic confidence data released earlier today fell, punctured by deepening worries over economic crisis in Euro Zone.
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 for July 30, 2012 actual v. forecast
|
Date |
Time |
Currency |
Importance |
Event |
Actual |
Forecast |
Previous |
|
Jul. 30 |
00:50 |
JPY |
Industrial Production (MoM) |
-0.1% |
1.5% |
-3.4% |
|
|
02:00 |
AUD |
HIA New Home Sales (MoM) |
2.8% |
0.7% |
|||
|
10:20 |
EUR |
Italian 10-Year BTP Auction |
5.96% |
5.82% |
|||
|
11:00 |
GBP |
CBI Distributive Trades Survey |
11 |
15 |
42 |
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 and GBP
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jul 31 |
6:45 |
EUR |
0.4% |
||
|
7:55 |
EUR |
7K |
|||
|
9:00 |
EUR |
2.4% |
|||
|
9:00 |
EUR |
11.1% |
|||
|
Aug 1 |
1st-8th |
GBP |
1.0% |
||
|
7:15 |
EUR |
41.1 |
|||
|
7:45 |
EUR |
44.6 |
|||
|
8:30 |
GBP |
48.6 |
|||
|
Aug 2 |
7:00 |
EUR |
-98.9K |
||
|
7:15 |
CHF |
6.2% |
|||
|
7:30 |
CHF |
48.1 |
|||
|
8:30 |
GBP |
48.2 |
|||
|
11:00 |
GBP |
375B |
|||
|
11:00 |
GBP |
0.50% |
0.50% |
||
|
11:45 |
EUR |
0.75% |
0.75% |
||
|
12:30 |
EUR |
||||
|
Aug 3 |
8:30 |
GBP |
51.3 |
||
|
9:00 |
EUR |
0.6% |
Government Bond Auctions
Date Time Country
Jul 31 00:30 Japan
Jul 31 09:30 Belgium
Aug 01 09:30 Germany
Aug 01 10:00 Norway
Aug 01 13:00 US
Aug 02 08:30 Spain
Click here to read Crude Oil Technical Analysis.
Originally posted here
