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Fundamental News: September 18, 2013

 

Statistics Canada published the latest Manufacturing Sales data yesterday, and this showed a 1.7 percent increase (or CAD49.5 billion) in July. Healthy sales were seen in 15 out of 21 industries.

 

In the United States, Consumer Price Index inched up a seasonally-adjusted 0.1 percent in August, less-than-forecast, according to the Bureau of Labor Statistics. Core CPI also increased 0.1 percent.

 

US Department of Treasury’s Treasury International Capital (TIC) Long-Term Purchases swung back into positive territory in July, its first since January. Actual data surprised analysts with a $31.1 billion gain. Median forecast was for a drop of $45.3 billion.

 

Today, Statistics New Zealand announced Current Account deficit increased at a slower pace in the June quarter. Current Account stood at –NZD1.25 billion, lower than the median forecast of –NZD1.85 billion.

 

Australia’s Conference Board Leading Index posted a 0.3 percent advance in July, following a -1.1 percent reading in June.

 

In the UK, the Bank of England released the latest votes for the MPC Asset Purchase Facility and Official Bank Rate. Both votes showed 0-0-9, which is effectively unchanged.

 

Later, we will see the release of US Building Permits, US Housing Starts, and the much-awaited FOMC Statement, Federal Funds Rate, and Economic Projections.

 

 

Commodities News

 

Gold continued to stall ahead of the $1,300 level for the third straight day yesterday. However, sellers found the critical mass to take price lower today, and it reached a $1,391 low so far. Traders should stay cautious ahead of the Fed’s statement. $1,250-80 remains vulnerable.

 

 

Oil made a relatively weak bounce today, following four consecutive days of lower highs and lower lows. The upper part of the $104 level has been touched yesterday, and it remains to be seen if buyers can continue to push price higher from this point on. A move above or below the $105-$106 area would be critical to watch now.

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