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The latest US Census Bureau report released yesterday showed an annualized gain of 0.97 million in Building Permits for May, slightly lower than expected and lower than April’s 1.01 million advance. Housing Starts also increased in May, gaining 6.8 percent to an annualized rate of 914,000.


Meanwhile, after 2 months of decline, US Consumer Price Index rose 0.1 percent in May, Bureau of Labor Statistics reported. Core CPI gained 0.2 percent as expected.


Today, Statistics New Zealand published the latest Current Account data. The country’s seasonally-adjusted Current Account Balance stood at minus NZD2.209 billion in the March 2013 quarter, following a minus NZD2.539 billion reading in the previous quarter. The decline in the deficit was brought on by the NZD403 million advance of exports of goods and services. Specifically, dairy products led the increase in goods exports, while spending by overseas visitors to the country led the increase in services exports. Net external debt and net international liability position decreased.


In Japan, Trade Balance data showed an increased reading to a seasonally-adjusted minus JPY0.82 trillion in May. Exports jumped to the highest level since 2010, led by Yen weakness and increased exports to the United States. US exports rose 16 percent while exports to China increased 8.3 percent. However, exports to the European Union fell, for a 20th consecutive month, by 4.9 percent.


In the UK, bank of England’s Monetary Policy Committee voted 3-0-6 for the fifth straight month: 3 voted to increase asset purchases, none voted to decrease it, while 6 elected to hold asset purchases at GBP375 billion. The three members who voted for an increase were Miles, Fisher, and King. MPC voted 9-0 to maintain rates at 0.50 percent.


Soon, Canada will release Wholesale Sales. BOC’s Governor Poloz is slated to give a speech, which will soon be followed by the US FOMC Economic Projections, FOMC Statement, Federal Funds Rate Announcement, and FOMC Press Conference.


Commodities News


Gold made some bearish headway on Tuesday, declining to a $1,360 low before closing the New York session. Today, price is trading close to this area as the market awaits any interesting comments from Federal Reserve’s Bernanke.


Oil bulls stood their ground around mid $97s yesterday, and this led to a successful campaign with oil closing the day well above the $98 level. Today, price nearly touched the $99 level before easing back to mid-$98s where it is currently trading. Price must stay around current levels for some times or create another move toward and through $99 to keep the momentum up.

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