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Fundamental News: July 15, 2013


The US Department of Labor made public last Friday that Producer Price Index edged up (seasonally adjusted) 0.8 percent in June, with Core PPI up 0.2 percent as expected.


Meanwhile, the preliminary reading of the University of Michigan Consumer Sentiment decreased slightly this July, 83.9 compared to last month’s 84.1 reading. Analysts were expecting a continued push higher to 85.3. Preliminary University of Michigan Inflation Expectations rose to 3.3 percent, its third consecutive monthly increase.


Today, China’s National Bureau of Statistics revealed that Gross Domestic Product eased to 7.5 percent during the second quarter of this year. GDP has gradually slowed down since the 11.9 percent high registered back in the first quarter of 2010. Fixed Asset Investment rose 20.1 percent in June; Industrial Production slowed to 8.9 percent from May’s 9.2 percent reading; and Retail Sales surprised to the upside at 13.3 percent.


In Switzerland, Federal Statistics Office reported that Producer Price Index rose 0.1 percent, less than expected but better than May’s -0.3 percent.


Soon, the United States will release some key data in the form of Retail Sales, Empire State Manufacturing Index, and Business Inventories.


Japan is observing Marine Day this day.


Commodities News


Gold made huge progress last week after teetering from the brink of further collapse below the $1,200 level. Price now has to make a strong break through the $1,300 level in order to get a chance at taking on the $1,400 level this week.



Oil had another amazing week as it reached a $106.50 high before relenting. What bulls need to do now is fortify their defenses around $103-$105 to avert further easing toward $100-$101. Sellers are surely looking for more downside this week.

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