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Fundamental News: October 10, 2013

 

According to the latest FOMC meeting minutes from the September 17-18 meeting, nearly all participants decided that it was appropriate to being tapering this year and ending it around mid-2014. Most FOMC members wanted to see proof of sustainable progress before easing QE.

 

Business New Zealand revealed earlier today that the September Manufacturing Index declined to a seasonally adjusted 54.3 from a revised lower reading of 57.1 in August.

 

In Japan, the Cabinet Office disclosed that Core Machinery Orders came in nearly double of what was expected in August. New private sector purchase orders increased a solid 5.4 percent after being flat in July. This is the second best production reading in the last five months. Meanwhile, the Ministry of Economy, Trade and Industry said Tertiary Industry Activity rebounded in August by 0.7 percent, following a mild contraction of 0.4 percent in the previous month.

 

In Australia, Melbourne Institute’s Inflation Expectations rose to 2 percent in October. This is half a percentage point higher than the September figure. On the other hand, the Australian Bureau of Statistics said Employment Change saw an increase of 9,100 employed Australians in September, weaker than the 15,200 expectations. Unemployment Rate improved slightly to 5.6 percent in September.

 

France’s INSEE reported that Industrial Production edged up 0.2 percent in August after declining for three consecutive months.

 

In the United Kingdom, Bank of England held its Official bank Rate and Asset Purchase Facility at 0.50 percent and GBP375 billion respectively.

 

Soon, we will have Canada’s New Housing Price Index and US Unemployment Claims. The Group of 20 will also hold its first day of meetings today.

 

Commodities News

 

Gold’s $1,300 level finally surrendered to pressure yesterday after balking since last Thursday. Price reached $1,294 but the day ended at $1305. Today, price has been trading quietly around $1,300 in a measly $12 range. The risk for a move toward the 1.5-month low at $1,277 remains a possibility.

 

 

Just like Gold, Oil declined in yesterday’s trading, with the latter declining nearly $3 after $104 continued to refuse entry to all buyers. Today, price is struggling to get a foothold above $102. This puts the $100-$101 area at risk before the week closes.

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