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Weekly Analysis

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Weekly data, currencies and crude

Mon, Aug 25 2008, 11:21 GMT
by Benny Menashe

Finotec Group Inc.

This week there will be some very important data that will move the currency markets, on Monday the 25th we will have the U.S Existing Home sales which will impact the price of the Dollar. On Wednesday the 27th we will have the U.S Core Durable goods which will measure the state of the American economy also Crude Oil inventories will be important measuring supply and demand. On Thursday the 28th we will have the UK’s Nationwide HPI which will affect the Sterling also the U.S Prelim GDP expecting a positive number.

Last week Crude oil rose to $121 a barrel on tensions between Russia and the U.S after the conflict in Georgia, an estimated 1.5 million barrel are exported from the Caspian Sea which were under threat last week. Also today Crude oil rose after Russian lawmakers voted to recognize the independence of two breakaway Georgian regions, raising fears of new tensions in the area. The Russian Parliament's Upper House voted unanimously to recognize the independence of South Ossetia and Abkhazia, the two regions that sparked Russia's first foreign incursion since the Soviet era. ``This may lead to new tensions between Russia and the West over Georgia, and may lead to more oil supply disruptions,'' said Carsten Fritsch, analyst at Commerzbank AG in Frankfurt. ``The market was hoping that supply was returning to normal but this new development, including an explosion on a Georgian train carrying oil over the weekend, is a reminder that things are not over.''

Today's Economic Events

Published on  Mon, Aug 25 2008, 11:24 GMT