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Fundamental News: July 31, 2013

Statistics Canada announced Tuesday that Raw Materials Price Index (RMPI) edged up 0.3 percent in June, mainly due to higher prices of crude oil as well as animal and animal products. Industrial Product Price Index (IPPI) increased 0.3 percent on higher prices registered for transportation equipment and motor vehicles and petroleum and coal products.

 

US Consumer Confidence declined to 80.3 in July, more than the expected decline to 81.1, according to The Conference Board. Americans turned pessimistic about employment and the economy, pulling the index down from last month’s five-year high of 82.1.

 

Today, Reserve Bank of Australia said Private Sector Credit moved higher by 0.4 percent in June, following two months of 0.3 percent gains.

 

In Japan, Average Cash Earnings moved back into the green with a 0.1 percent gain in June, the very first advance in 5 months. According to the Ministry of Health, Labor, and Welfare, the total average monthly cash earnings for each employee increased but base wages declined 0.2 percent, its 13th consecutive year-on-year decline.

 

In Germany, Destatis reported that Retail Sales slid 1.5 percent in June, following a 0.7 percent revised reading in May. Meanwhile, the labor market improved for a second month as the Unemployment Change data declined 7,000 in July, better than the 1,000 decline expected by analysts.

 

Euro-area CPI Flash Estimate increased 1.6 percent year-on-year for the second month, Eurostat declared earlier today. On the other hand, both Italian and Euro-area Unemployment Rate improved to 12.1 percent in June.

 

Very soon, traders will expect the release of US ADP Non-Farm Employment Change, Advance GDP, Employment Cost Index, Chicago PMI as well as Canada’s GDP data.

 

Commodities News

 

Gold is persistently clinging above the $1,300 for another day. $1,300 seems well supported but sellers are equally defensive on the topside. With this price action, traders should stand aside for now. Traders should wait for the $1,300-50 range to break before making any potential trading decision.

 

 

Oil buyers had a chance to salvage price in yesterday’s quiet session, however they failed to snatch that opportunity. Oil busted through $103 before closing above this level on Tuesday, a bad price action move for the buyers. What they can do now is bring price to a decisive bullish close above $104 today.

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