Fundamental News: July 30, 2013
The National Association of Realtors published the latest US Pending Home Sales data, which showed sales of homes contracted 0.4 percent in June. This was a steep turnaround from May’s 5.8 percent, the best level in over six years. Increasing mortgage rates has begun to affect the market, the NAR mentioned.
Today, Japan’s Statistics Bureau said Household Spending eased 0.4 percent on a year-on-year basis in June, while the Unemployment Rate decreased slightly to 3.9 percent from May’s 4.1 percent. Preliminary Industrial Production declined 3.3 percent
In Australia, Building Approvals declined for a second consecutive month and dropped 6.9 percent in June, Australian Bureau of Statistics reported.
In Germany, Gfk German Consumer Climate inched up to 7.0 in July, following June’s 6/8 reading. This is the seventh straight monthly increase and the strongest level reached since August 2007.
Soon, the market will witness the reports on Canada’s RMPI, US S&P/CS Composite-20 HPI, and US CB Consumer Confidence.
Gold trades in a very tight range for a second day in a row, but it remains well within Friday’s $28 range. $1,300 remains attractive to both bulls and bears, but control resides in the bulls’ camp. They should attempt to attack the $1,350 area again before the bears can regroup further.
Oil continues its gradual decline as price eases below $104 for the third straight day. If further selling ensues, price would likely head toward $100-$101. Buyers still have a chance to salvage price today amid a quiet trading session.