Analysis and Recommendations: Crude Oil added over 1.00 to trade today, to tip at 87.00. US stimulus hopes and indications of Chinese economic growth
Analysis and Recommendations:
Crude Oil added over 1.00 to trade today, to tip at 87.00. US stimulus hopes and indications of Chinese economic growth revival supported the sentiments. Crude oil is trading with a positive bias on NYMEX and on ICE after OPEC’s production declined in November closer to its oil output target of 30 million barrels per day. Prior to the OPEC meeting and weekly EIA crude oil inventory report, WTI as well as Brent crude oil rose 0.6 percent. Meanwhile, the IEA has raised global oil demand forecast for 2012 and 2013 by 70000 bpd to 89.66 million bpd and 110000 bpd to 90.52 million bpd respectively.
US Dollar Index (DX) declined 0.4 percent. The index traded in the negative territory due to rise in the risk appetite of the market participants on optimism that US Federal might announce stimulus package to boost the economy, which made the weakened commodity an attractive buy.
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 December 12, 2012 actual v. forecast
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 12 |
|
AUD |
|
|
RBA Governor Stevens Speaks |
|
|
|
|
|
|
|
|
|
INR |
|
|
Indian Industrial Production (YoY) |
8.2% |
|
4.5% |
|
-0.7% |
||
|
|
EUR |
|
|
German CPI (MoM) |
-0.1% |
|
-0.1% |
|
-0.1% |
|
|
|
|
EUR |
|
|
German CPI (YoY) |
1.9% |
|
1.9% |
|
1.9% |
|
|
|
|
EUR |
|
|
French CPI (MoM) |
-0.2% |
|
0.0% |
|
0.1% |
|
|
|
|
ZAR |
|
|
South African CPI (MoM) |
0.20% |
|
0.20% |
|
0.60% |
|
|
|
|
GBP |
|
|
Average Earnings Index +Bonus |
1.8% |
|
1.9% |
|
1.8% |
|
|
|
|
GBP |
|
|
Claimant Count Change |
-3.0K |
|
7.0K |
|
6.0K |
||
|
|
EUR |
|
|
Industrial Production (MoM) |
-1.4% |
|
0.2% |
|
-2.3% |
||
|
|
USD |
|
|
Import Price Index (MoM) |
-0.9% |
|
-0.5% |
|
0.3% |
||
|
|
MXN |
|
|
Mexican Industrial Production (YoY) |
3.6% |
|
3.6% |
|
2.3% |
||
|
|
USD |
|
|
Interest Rate Decision |
|
|
0.25% |
|
0.25% |
|
|
|
|
USD |
|
|
FOMC Statement |
|
|
|
|
|
|
|
|
|
USD |
|
|
10-Year Note Auction |
|
|
|
|
1.675% |
|
|
|
|
USD |
|
|
Federal Budget Balance |
|
|
-150.0B |
|
-120.0B |
|
|
|
|
USD |
|
|
Fed Chairman Bernanke Speaks |
|
|
|
|
|
|
WEEKLY
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 13 |
08:15 |
CHF |
-0.3% |
-0.1% |
|
|
11:00 |
GBP |
-16 |
-21 |
|
Dec. 14 |
07:58 |
EUR |
45.0 |
44.5 |
|
|
08:28 |
EUR |
47.2 |
46.8 |
|
|
10:00 |
EUR |
2.2% |
2.2% |
|
|
10:00 |
EUR |
|
1.5% |
Government Bond Auction
Date Time Country
Dec 13 01:30 Japan
Dec 13 09:30 Spain
Dec 13 10:10 Italy
Dec 13 10:30 UK
Dec 13 16:00 US
Dec 13 18:00 US
Dec 14 11:00 Belgium
Dec 14 15:30 UK