By FXEmpire.com
Analysis and Recommendations:
Crude Oil is up trading at 85.88 on the back of the weaker USD.
Currently, oil futures prices are trading near $85/bbl with gain of more than 0.80 percent. The EIA report surprised markets based on the prior days indications from the API.
Today’s official report stated: U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.1 million barrels from the previous week. At 384.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.
From, economic front ECB interest rate declaration is there where expectation of providing liquidity is there to support the debt ridden countries. European leaders may go for third LTRO but may keep the interest unchanged at 1 percent ahead of Greece Election on Jun17. Most of the Economic data releases from both Euro-zone and German are expected to turn negative, which may weigh on Euro and ultimately limit the gain in oil prices. US unit labor cost and nonfarm productivity may result negative for the economy which may further weigh on oil prices. Currently, most of the Asian equities are trading on higher side on optimism from Euro-zone economy and higher Australian GDP reported today early morning. We may expect oil prices to continue the positive trend during Asian session, though gain may be limited during European 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 for June 6, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun. 06 |
02:30 |
AUD |
GDP (QoQ) |
1.3% |
0.5% |
0.6% |
|
10:00 |
EUR |
GDP (QoQ) |
0.0% |
0.0% |
0.0% |
|
|
11:00 |
EUR |
German Industrial Production |
-2.2% |
-1.0% |
2.2% |
|
|
12:45 |
EUR |
Interest Rate Decision |
1.00% |
1.00% |
1.00% |
|
|
13:30 |
USD |
Nonfarm Productivity (QoQ) |
-0.9% |
-0.7% |
-0.5% |
|
|
13:30 |
USD |
Unit Labor Costs (QoQ) |
1.3% |
2.2% |
2.0% |
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 |
Forecast |
Previous |
|
Jun 7 |
7:00 |
CHF |
Foreign Currency Reserves |
235.6B |
|
|
7:15 |
CHF |
CPI m/m |
0.1% |
||
|
8:30 |
GBP |
Services PMI |
53.3 |
||
|
TBD |
EUR |
French 10-y Bond Auction |
|||
|
11:00 |
GBP |
Asset Purchase Facility |
325B |
||
|
11:00 |
GBP |
Official Bank Rate |
0.50% |
0.50% |
|
|
TBD |
GBP |
MPC Rate Statement |
|||
|
12:30 |
USD |
Unemployment Claims |
383K |
||
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
|||
|
Jun 8 |
8:30 |
GBP |
PPI Input m/m |
-1.5% |
|
|
8:30 |
GBP |
Consumer Inflation Expectations |
3.5% |
||
|
TBD |
GBP |
10-y Bond Auction |
|||
|
12:30 |
USD |
Trade Balance |
-51.8B |
||
|
14:00 |
USD |
Fed Chairman Bernanke Testifies |
Government Bond Auctions
Date Time Country
Jun 07 00:30 Japan
Jun 07 08:30 Spain
Jun 07 08:50 France
Jun 07 09:10 Sweden
Jun 07 15:00 US
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Click here a current Crude Oil Chart.
Originally posted here
