Global Economic Data Review for the week ended Friday, 27 May 2011.
Nymex crude traded within a tight range of $ 97 -$100/ barrel for the week. Crude could spike up to $120 if middle east tension moves any higher. Crude oil price rise will harm world economic growth in the near term. Much of the price rise is speculative, hence the negative impact from price rise.
The week witnessed negative economic data from US. The report from the Commerce Department indicated, a bigger than expected drop in durable goods orders by 3.6% in April following an upwardly revised 4.4% increase in March. According to the report, 424,000 Americans filed initial claims for unemployment insurance, an increase of 10,000 from the previous weeks revised figure of 4,14,000. Continue reading