Despite the rise in crude oil prices on Wednesday, we still maintain our bearish short term outlook for crude oil prices, since jitters continue in markets amid the uncertainty over global growth, in addition to the ongoing European debt crisis, and the never ending saga of Greece’s debt.
Thursday 12:30, the U.S. Labor Department will release the weekly jobless claims for the week ending May 14, while the report is expected to show that jobless claims fell to 420,000 from 434,000 reported in the prior week.
Thursday 14:00, the U.S. will release the existing home sales index for the month of April, where existing home sales are expected to rise by 2.0% to 5.20 million units, compared to 5.10 million units reported back in March, where the housing market is still struggling to recover fully from its worst slump since the Great Depression.
Thursday 14:00, the U.S. will release the leading indicators index for the month of April, where the leading indicators are considered as a gauge for future economic activities in the next three to six months, the leading indicators are expected to rise by 0.1% in April after rising by 0.4% in March.
Thursday 14:00, the U.S. will release the Philadelphia Fed index for the month of May, where the Philadelphia Fed is expected to rise to 20.0 from 18.5 reported back in April, where the manufacturing sector continues to expand and seems to be on course to recover from its worst slump since the early 1980s. Originally Posted by Commoditiesmansion.com...
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