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Fundamental News: July 8, 2013


Statistics Canada published on Friday the latest Labour Force Survey for June, which was virtually unchanged from the prior month. Unemployment rate likewise remained at 7.1 percent in June. Ivey PMI declined to 55.3 from May’s 63.1 reading.


In the United States, Non-Farm Employment Change proved much stronger than Wednesday’s ADP version of the job data. According to the Bureau of Labor Statistics, employers added 195,000 workers in June, stronger than the 163,000 forecast. This is the fourth consecutive monthly jobs gain that came in within the 100,000 level. Unemployment rate stood at 7.6 percent for the second month.


Today, Japan kicked off the brand new week with the release of the Current Account data. According to the Ministry of Finance, the current account surplus for May stood at JPY0.62 trillion, weaker than April’s registered surplus of JPY0.85 trillion. Bank lending increased marginally to 1.9 percent on a year-on-year basis.


ANZ Job Advertisements in Australia declined 1.8 percent month-on-month, while New Zealand REINZ HPI turned out flat in June.


In Germany, Destatis announced a Trade Balance of EUR14.1 billion (seasonally adjusted), down from April’s reading of EUR17.5 billion. Industrial Production declined 1 percent.


Later, Canada will publish Building Permits and Bank of Canada’s Business Outlook Survey. Eurogroup meetings and speech by ECB’s Draghi might keep the day a little more interesting.


Commodities News


Gold spent the entire week above the $1,200 level and within the previous week’s trading range. The lack of follow through is expected, what with the huge two-week decline that preceded it! Gold bulls face the new week with another prospect of the $1,200 level breaking; they should take advantage of the market tranquility and campaign for a move back above $1,300 very soon.


Oil bulls had a fantastic week as they’ve been able to chase bears away through $103. Price is currently in easing mode, and understandably so. $100-$101 should hold if this current bullish momentum really has legs.

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