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Fundamental News: August 14, 2013

 

The Census Bureau in the United States revealed yesterday that Retail Sales edged up 0.2 percent in July, its fourth straight monthly advance. Core Retail Sales were up 0.5 percent. Meanwhile, Business Inventories turned flat and Import Prices inched up 0.2 percent.

 

In New Zealand, Retail Sales rose 1.7 percent in the June quarter, following a 0.9 percent gain in the first quarter of this year. Core Retail Sales grew 2.3 percent. Statistics New Zealand pointed out a record rise in food and beverage services, and mixed results in the vehicle-related industries.

 

In Australia, Westpac Consumer Sentiment rose 3.5 percent, a five-month high, following a 0.1 percent contraction back in July. Wage Price Index rose 0.7 percent in the June quarter.

 

French and German Gross Domestic Product both rose in the June quarter, 0.5 percent and 0.7 percent, respectively.

 

In the UK, the Office for National Statistics reported another favorable Claimant Count Change data for July. Jobless claimants declined 29,200, more than the 14,300 decline expected by surveyed analysts. This comes at the back of June’s equally impressive 29,400 decline. Claimants have declined in 11 of the last 13 months. Unemployment Rate stays at 7.8 percent. MPC votes on the Asset Purchase Facility and Official Bank Rate both stood at 0-0-9 (keeping QE and rates, respectively, on hold), however Martin Weale dissented on the forward guidance ending in an 8-1 vote.

 

Later, the US Department of Labor will release the latest Producer Price Index data.

 

Commodities News

 

Gold sellers proved formidable as they thwarted further buying right around the $1,340s for a second day in a row, leading to a price move back toward Monday’s lows. Currently, gold is trading quietly near yesterday’s close as traders await the entry of North American traders. $1,300-50 remains the key range to break.

 

 

Oil diverged from gold yesterday as the former moved and closed higher for the third straight day. Sellers remain visible around the $106 level, but price is refusing to slide through $105.50. Hence, we could see mini-fireworks sometime soon.

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