Crude Oil Fundamental Analysis August 1, 2012, Forecast

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Analysis and Recommendations:

Crude Oil held fairly steady in today’s session trading at 89.10. As investors looked forward to tomorrow’s FOMC statement and the possibility of monetary stimulus from the US Fed.

 Markets are also eying the Chinese manufacturing PMI slated for release tomorrow for cues on demand from the top consumer of metals.  Crude oil was swinging between positive and negative territories as investors looked out for central bank’s action to support the flagging economic growth. Nymex crude oil held above $89 a barrel and was on its course to post its first monthly gain in three months. Meanwhile, EIA is likely to report a decline in crude oil inventories in its weekly inventory report scheduled for release tomorrow.

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 recent analysis and information in our weekly reports and we provide daily updates and outlooks

Economic Events: (GMT)

Upcoming Economic Events that affect the USD

Date

Time

Currency

Event 

Forecast

Previous

Aug 1

12:15

USD

ADP Non-Farm Employment Change

 

176K

 

14:00

USD

ISM Manufacturing PMI

 

49.7

 

14:30

USD

Crude Oil Inventories

 

2.7M

 

18:15

USD

FOMC Statement

   
 

18:15

USD

Federal Funds Rate

   

Aug 2

12:30

USD

Unemployment Claims

 

353K

 

14:00

USD

Factory Orders m/m

 

0.7%

Aug 3

12:30

USD

Non-Farm Employment Change

 

80K

 

12:30

USD

Unemployment Rate

 

8.2%

 

12:30

USD

Average Hourly Earnings m/m

 

0.3%

 

14:00

USD

ISM Non-Manufacturing PMI

 

52.1

 

WEEKLY

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