Thu, 07 Oct 2010 00:00:00 +0200

Bullish Streak Continues

The price of oil rose to a 5-month high following the release of weekly crude oil inventory figures. The data report showed a large increase in overall stockpiles but a larger than expected drawdown in gasoline stocks. Also affecting the price of spot crude oil was a weakening dollar. Traders will be eying employment data both today and tomorrow. Today's weekly unemployment numbers may be negative given the poor ADP Non-Farm Jobs data that was released yesterday. Friday will bring the Labor Department's Non-Farm Payrolls report. Expectations are for an increase of 3K. Traders should eye the high in May as a target of $87.

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard