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Fundamental News: July 26, 2013

 

The United States Census Bureau reported yesterday that Durable Goods Orders jumped 4.2 percent in June, way more than the 1.1 percent median estimate by analysts surveyed. Big-ticket goods’ unfilled orders increased the most since December 2007. Core durable goods turned flat at the same period.

 

US Jobless Claims increased by 7,000 to a seasonally adjusted 343,000 in the July 20-week, more than forecast. The prior week’s revised figure was 336,000.

 

Today, Japan’s Statistics Bureau announced July’s Tokyo Core CPI stood at 0.3 percent as expected. This is the third positive reading for the Consumer Price Index. National Core CPI came in at 0.4 percent.

 

Later, the only meaningful economic release is the US Revised University of Michigan Consumer Sentiment.

 

 

Commodities News

 

Gold recovered from the fall last Wednesday, moving back into the $1,300 territory and closing at $1,333 near the posted $1,337 high. Today, it continues to trade above the $1,300 level but it could get tested again later if not next week. $1,300 remains a key level for both sides.

 

 

Oil bulls made an effort to bring price higher yesterday. But this is closing to getting fully negated today as sellers resume their downside push. Price is currently closing in on yesterday’s low and we could finally see a move toward $99-$102 as soon as in the subsequent week. $103.50-$104 is the key area to break.

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