By FXEmpire.com
Analysis and Recommendations:
Crude Oil declined to 103.03 dropping more than 2.19 in today’s session. Yesterday inventory reports showed that storage had climbed to unseasonably high levels, much over estimates. Reports also showed that OPEC members had pumped more than expected in April and are continuing to pump more than required at present. OPEC is bound and determined to bring the price below 100.00
At an Energy Meeting in Paris today, a top energy official said Oil consumers could still tap into strategic stockpiles if needed, after the scenario appears to have lost momentum in the past month.
Crude oil futures fell 0.9% on the back of rise in the inventory levels. Also, weak economic data from the United States and Europe that reinforced concerns about demand for petroleum in the global economic slowdown.
Economic Events for May 3, 2012 actual v. forecast
|
GBP |
Nationwide HPI (MoM) |
-0.2% |
0.5% |
-1.0% |
|
TRY |
Turkish CPI (MoM) |
1.52% |
1.18% |
0.41% |
|
GBP |
Services PMI |
53.3 |
54.6 |
55.3 |
|
EUR |
Interest Rate Decision |
1.00% |
1.00% |
1.00% |
|
USD |
Nonfarm Productivity (QoQ) |
-0.5% |
-0.5% |
1.2% |
|
USD |
Initial Jobless Claims |
365K |
380K |
392K |
|
USD |
Unit Labor Costs (QoQ) |
2.0% |
2.8% |
2.7% |
|
USD |
3276K |
3311K |
3329K |
Economic Events for May 4, 2012 for the European and US Markets
08:15 CHF Retail Sales 1.2% 0.8%
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
10:00 EUR Retail Sales 0.3% -0.1%
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
13:30 USD Nonfarm Payrolls 170K 120K
Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.
13:30 USD Unemployment Rate 8.2% 8.2%
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
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Originally posted here
