By FXEmpire.com

Analysis and Recommendations:

Crude Oil added a few cents today, to trade at 92.56. Crude oil prices increased 0.4 percent today on news that China would step forward to boost its growth. But sharp upside in prices was restricted on account of the existing poor fundamentals, with rising supplies on one hand and high inventories on the other.

Crude oil rose and was trading near $92 a barrel, rising for the first time in seven sessions. Prospects of more economic stimulus by China to support economic growth, talks between Iran and world leaders and Greek worries dominated the sentiments.

The day was relatively quiet in the commodities and currency market, with light eco data and a lull in political news, markets were relatively calm.

Comments by the world leaders during the G8 meeting last weekend induced some confidence into the markets; however, worries over possible Greece exit from the Euro Zone continued to weigh on. During the weekend G-8 summit in Camp David, the leaders promised to take necessary action to fight the financial crisis and revitalize the global economy. Euro steadied near its recent lows while gains in commodities were capped by worries over Greece

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 21, 2012 actual v. forecast

Date

Time

Currency

Importance

Event

Actual

Forecast

Previous

May 21

00:01

GBP

Rightmove House Price Index (MoM)

0.0%

2.9%

06:45

CHF

SECO Consumer Climate

-8

-15

-19

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

May 22

8:30

GBP

CPI y/y

3.5%

8:30

GBP

Public Sector Net Borrowing

15.9B

8:30

GBP

RPI y/y

3.6%

TBD

GBP

BOE Inflation Letter

14:00

USD

Existing Home Sales

4.48M

May 23

8:00

EUR

Current Account

-1.3B

8:30

GBP

MPC Meeting Minutes

0-0-9

TBD

EUR

Industrial New Orders m/m

-1.2%

10:00

GBP

CBI Industrial Order Expectations

-8

TBD

GBP

Inflation Report Hearings

14:00

USD

New Home Sales

328K

14:30

USD

Crude Oil Inventories

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