Fundamental News: October 14, 2013
University of Michigan announced last Friday that the preliminary Consumer Sentiment declined to 75.2 in October. This is the second consecutive monthly reading printed below the 80-level.
In Canada, Employment Change in September increased less than expected at 11,900. By contrast, the August figure was an increase of 59,200. Meanwhile, the Unemployment Rate declined its lowest level in nearly five years, 6.9 percent, according to Statistics Canada.
Today, the Australian Bureau of Statistics disclosed that Home Loans contracted 3.9 percent in August, a stark difference from the 2.1 percent advance seen back in July.
In China, the Consumer Price Index rose to a 7-month high of 3.1 percent in September. Producer Price Index declined 1.3 percent. New Loans, meanwhile, advanced CNY787 billion in September.
In Switzerland, Federal Statistics Office revealed Producer Price Index edged up 0.1 percent in September.
Euro-area Industrial Production advanced one percent in August, according to Eurostat.
There won’t be any economic data released later as United States observes Columbus Day, while Canada celebrates Thanksgiving Day.
Gold bulls had a terrible first half of October as price declined for two straight weeks. It is also significant to point out that last week price closed below $1,300 for the first time since late-July. Momentum is in danger of tilting further to the downside if $1,300 would not be recovered this week.
Oil likewise dropped last week after a very brief visit above the $104 level. Oil is at risk of moving toward $100 and beyond, and this week could be the decision point for that.