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Crude Oil Makes an Impressive Rebound

Crude oil managed to rebound and go into positive territory for the week, which was the first in 6 weeks to end on a high.

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Jun. 13, 2012 - US dollar gains against other currencies

The US dollar gained in value against its currency counterparts, amid news that Spain may seek assistance from external agencies to bail out its troubled banks.

In the American trading session on Friday, the EUR/USD trading rate was 1.2513, down by 0.38%. The GBP/USD rate was also down by nearly half a percent, and was trading at 1.5463. Against the yen, the dollar traded at 79.26 yen.

In the coming week, experts feel that the dollar may consolidate its position against its rivals. The big picture, however, reveals increasing financial tensions, less yields and slower growth. American stocks are also expected to rebound in the week ahead.

Euro falls on global economic growth concerns

The euro fell on global growth concerns at the start of Friday’s European trading session. Credit ratings agency Fitch lowered Spain’s credit rating to just two levels above junk status. This has prompted traders to think that Spain may yet request for a bailout of its banks.

Economic data from Italy and Germany were also disappointing. Italian industrial output fell by 1.9% in April, much more than the anticipated figure of 0.5%. German exports fell by 1.7% in April, a faster decline than the expected 0.7%. This has prompted fears that Europe’s key economic giant is also seeing rapid export decline.

On Friday, the EUR/JPY trading was at the 99.00 levels, while the EUR/USD rates were at 1.2513.

Japanese yen gains against major currencies

On Friday, the safe-haven yen gained against major currencies. This was on the back of poor economic data from Germany (which showed that German exports fell in April) as well as the continuing Eurozone crisis.

The yen appreciated against the US dollar in the American trading session on Friday, with USD/JPY rate at 79.47. The EUR/JPY rate was around the 99.00 levels.

The yen is expected to register major gains in the coming week against the euro, as Spain’s banking crisis is not even close to being resolved. The fundamental forecast for the yen thus continues to be bullish. It also remains to be seen if the Bank of Japan or Ministry of Finance intervenes to check the yen’s surge in value.

Crude oil rebounds into positive territory

Crude oil managed to rebound and go into positive territory for the week, which was the first in 6 weeks to end on a high. This rebound was prompted at the last half an hour or so of trading, when the news emerged that some offer of a bailout may be given to Spain’s banks at the start of the next trading week.

Brent crude for July 2012 settlement was down by 46 cents to $99.47 a barrel on the ICE Futures Europe exchange. On the New York Mercantile Exchange in the US, oil for July 2012 fell by 0.8% to reach $84.10 a barrel.

There may also be a further increase in crude oil prices, as data coming out of China showed that commodity imports in the country beat expectations in May 2012. Crude oil imports were part of these commodities, and increased by 18.2% from 2011 figures.

For more information, please visit http://www.forexminute.com/

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