Crude Oil Reaches above $65 a Barrel!
July 20th, 2009 Posted in Daily Forex News
The leading investments in the market continue be the EUR and Crude Oil. Crude Oil prices continue to rise, as a result of the positive data from the U.S economy. Housing data on Friday also supported crude prices, and now a barrel of oil is traded for over $65.
The EUR’s bullishness seems to come mainly as a result of the weak Dollar. However, this week will be filled with publications from the Euro-Zone, and it looks like this week’s leading force will be these publications.
The major news events for today are:
6:00 GMT: EUR – German Producer Price Index (PPI) – this report is a leading inflation indicator. Currently, because of the global recession, a positive inflation figure is widely wanted by every country. Analysts predicted that the German PPI would increase by 0.5%, which would have marked the first positive number in 9 months. However, the real result was -0.1%, highlighting the continued weakness in the German economy. This will likely lead to risk aversion and a continued bullish trend for the EUR/USD
17:30 GMT: USD – FOMC Member Lockhart Speaks – Due to speak about the U.S. economic outlook at the Rotary Club, in Nashville, Tennessee. The impact of his speech relies mostly on the subjects he will choose to refer to. In case he will make comments regarding monetary interest rates, or change in policy of the Fed, he could cause heavy volatility in the market.
Start trading with Yan Petters now:
Tags: black gold, commodity trading, Crude Oil, Crude Oil forecast, Crude Oil trading, forex and oil, forex blog, Forex Forecast, Forex Strategies, German PPI, oil trading
