Fundamental News: September 11, 2013
Bureau of Labor Statistics in the United Stated announced on Tuesday that employment opportunities declined in July. There 3.69 million job openings as of the end of July, based on the Bureau’s latest Job Openings and Labor Turnover Summary (JOLTS). Separations rate was 3 percent while Hires rate was 3.2 percent.
Today, Japan’s Ministry of Finance said the latest BSI Manufacturing Index showed a marked advance. The index surged to 15.2 in the current quarter, beating its current estimate of 7.2 and the second quarter’s 5.0 reading.
In Australia, the Westpac Banking Corporation revealed a 4.7 percent advance in the Consumer Sentiment this September, the highest level in three years. This surged in consumer confidence to 110.6 was brought about by the recent election’s formation of a coalition government and the record-low interest rates.
In the UK, Claimant Count Change improved further on July, according to the Office for National Statistics. The number of jobless benefits claimants decreased by 32,600 which is more than expected. The June reading was also revised better to -36,300 from -29,200. Average Earnings Index rose 1.1 percent, while the Unemployment Rate improved slightly to 7.7 percent.
Later, Bank of England MPC Member David Miles is expected to give a speech at the Money Macro and Finance Conference in London.
The inability of Gold buyers to reach $1,400 for four straight days incited sellers to attack the downside with utmost pressure – and pleasure. Price stalled at $1,357 yesterday, and it is not trading far from this area today. We could see another downmove later in the North American session. Hence, buyers should lighten up their positions or cut them completely. They must continue to watch $1,340-60.
A two-day decline saw Oil close at the low-$107s yesterday. This indicates weakness in the part of the bulls, and would invoke bears to prepare for another takedown toward $103-$105. An alternative move is for price to linger around the current area before determining its next move.