Crude Oil Fundamental Analysis July 3, 2012, Forecast

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

Analysis and Recommendations:

Crude Oil is trading at 83.28 down 1.68 in early afternoon trading. During the Asian trading session, Chinese HSBC PMI was released; reporting in at forecast, but the forecast was below the acceptable 50 reading to show growth. The report came in at 48.20 and anything below a 50 shows a contraction in manufacturing. With all the economic help and stimulus from the Chinese government, markets were hoping to see the slowdown in China halted.

In the North American session, the US ISM Manufacturing was also negative, coming in below 50 when economists had projected a reading of 52.00.

A continued slowdown in manufacturing adds to a lower demand for crude oil.

Markets also had the time to evaluate the EU plan, which sent crude oil surging on Friday by 7%. The appointment and the development of the responsibilities of a bank supervisor is not a quick or easy job, which will hold up the plans that was introduced. Also Norway today, blocked the use of EU funds to purchase bonds, voiding an important part of the plan.

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 date for July 2, 2012 actual v. forecast

Date

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

 July 2

 

JPY

 

 

 

Tankan Large Manufacturers Index 

-1

 

-4 

 

-4 

 

 

 

 

CNY

 

 

 

Chinese HSBC Manufacturing PMI 

48.20

 

 

 

48.10 

 

 

 

 

CHF

 

 

 

Retail Sales (YoY) 

6.2%

 

5.0% 

 

0.2% 

   

 

 

CHF

 

 

 

SVME PMI 

48.1

 

45.0 

 

45.4 

 

 

 

 

EUR

 

 

 

French Manufacturing PMI 

45.2

 

45.3 

 

45.3 

 

 

 

 

EUR

 

 

 

German Manufacturing PMI 

45.0

 

44.7 

 

44.7 

 

 

 

 

EUR

 

 

 

Manufacturing PMI 

45.1

 

44.8 

 

44.8 

 

 

 

 

GBP

 

 

 

Manufacturing PMI 

48.6

 

46.7 

 

45.9 

 

 

 

 

EUR

 

 

 

Unemployment Rate 

11.1%

 

11.1% 

 

11.0% 

 

 

 

 

USD

 

 

 

ISM Manufacturing Index 

47.9 

 

52.0 

 

53.5 

 

 

 

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)
Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

  View all of FX Empire Analyst - Barry Norman's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.