By FXEmpire.com
Analysis and Recommendations:
Crude Oil continued to decline trading at 92.28. OPEC continues to produce more than required supplies, helping make sure that there are no shortages or possibility of shortages, therefore intentionally creating a world glut, also with several stations going on annual maintenance, OPEC wants to have more than enough supply in transit so that markets do not worry.
The May 23rd meeting with western nations and Iran is still on schedule and western nations push the embargo to the limits. Iran is reducing their production as they do not have consumers to purchase it and with prices falling rapidly, the overall economic effects will begin to hurt the Islamic Nation.
Although Europe just missed falling technically into a recession global slowdowns is reducing the demand for oil and consumer cuts backs are also reducing consumption.
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 May 17, 2012 actual v. forecast
May 17 |
JPY |
GDP (QoQ) |
1.0% |
0.9% |
-0.2% |
JPY |
GDP Price Index (YoY) |
-1.2% |
-1.4% |
-1.8% |
|
JPY |
Industrial Production (MoM) |
1.3% |
1.1% |
1.0% |
|
Foreign Securities Purchases |
-2.08B |
9.34B |
12.54B |
||
USD |
Initial Jobless Claims |
370K |
365K |
370K |
|
CAD |
Wholesale Sales (MoM) |
0.4% |
0.4% |
1.5% |
|
USD |
Continuing Jobless Claims |
3265K |
3235K |
3247K |
|
USD |
Philadelphia Fed Manufacturing Index |
-5.8 |
10.0 |
8.5 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
The calendar for the end of the week is very thin. There should be little eco data that will affect the markets
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Originally posted here