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%

CAD

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

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)

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Originally posted here