By FXEmpire.com

Analysis and Recommendations:

Crude Oil continues to amaze, trading up at 106.11 climbing 1.25 in a quiet holiday session.

Crude oil climbed after the US ISM Manufacturing Index gave investors a more positive feeling about the US recovery and expansion. The Institute for Supply Management’s index showed U.S. manufacturing expanding in April. The index climbed to 54.8% last month, from 53.4% in March.

The USD also pushed upwards today limiting the strength of dollar traded commodities. This price is about the same level when the Obama Administration began speaking with global leaders about releasing the strategic reserves last month. The high cost of energy and fuel is having a negative effect on the US recovery, causing inflation and reducing consumer sentiment.

Economic Reports for May 1, 2012 actual v. forecast

KRW

South Korean CPI (YoY)

2.5%

2.8%

2.6%

KRW

South Korean CPI (MoM)

0.0%

0.3%

-0.1%

CNY

Chinese Manufacturing PMI

53.30

53.60

53.10

AUD

House Price Index (QoQ)

-1.10%

-0.50%

-0.70%

AUD

Interest Rate Decision

3.75%

4.00%

4.25%

AUD

RBA Rate Statement

INR

Indian Trade Balance

-13.9B

-13.9B

-15.2B

DKK

Danish Retail Sales (YoY)

1.2%

-0.2%

-0.2%

GBP

Manufacturing PMI

50.5

51.4

51.9

USD

ISM Manufacturing Index

54.8

53.0

53.4

Economic Events for May 2, 2012

12:15 USD ADP Employment Change 209K

The Employment Change released by the Automatic Data Processing, Inc is a measure of the change in the number of employed people in the US Generally speaking; a rise in this indicator has positive implications for consumer spending which stimulates economic growth.

14:00 USD Factory Orders 1.3%

The Factory orders released by the US Census Bureau is a measure of the total orders of durable and non durable goods such as shipments (sales), inventories and orders at the manufacturing level which can offer insight into inflation and growth in the manufacturing sector.

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)

Click here a current Crude Oil Chart.

Originally posted here