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Fundamental News: October 16, 2013


Federal Reserve Bank of New York yesterday disclosed Empire State Manufacturing Index slipped almost 5 points to 1.5 this October. This is the least improvement in terms of business conditions in the last five months.


Today, Statistics New Zealand kicked off the day early with the release of the latest Consumer Price Index. Higher prices for vegetables and petrol pushed up CPI to 0.9 percent in the September quarter. Petrol prices increased by 5.6 percent. Meanwhile, a seasonal advance of 20 percent was seen in vegetable prices. On an annual basis, CPI rose 1.4 percent.


In the United Kingdom, the Office for National Statistics revealed that Claimant Count Change plunged 41,700 to 1.35 million in September. Claimant Count Change for August was also revised to -41,600 from -32,600. Meanwhile, the Employment Rate for people aged 16 to 64 increased 0.3 percentage points to 71.7 percent. The Unemployment Rate held steady at 7.7 percent in August.


In Switzerland, ZEW Economic Expectations jumped 8.6 points, from 16.3 to 24.9 in September. This is the fourth straight monthly advance.


Eurostat announced Consumer Price Index remained at 1.1 percent on an annual basis in September. Core CPI eased slightly to one percent. Monthly inflation was 0.5 percent.


Later, the market will witness the announcement of Canada’s Manufacturing Sales, followed by US NAHB Housing Market Index, and US Beige Book.


Commodities News


Gold has been beaten down since the decline through $1,300. Yesterday, price reached for lower prices but for some reason bottomed out at $1,251 and reversed to close the day in the green for the first time in six days. Trading has been subdued so far today, but yesterday’s price action could be a small indication of bearish exhaustion and potential upside to follow. The $1,300 level remains the line in the sand.



Oil’s decline from $104 has been on a rugged path but sellers seem intent on bringing price lower.  Yesterday, Oil closed below $101 for the first time since early-July. Today, price is trading close to this area. Will we see $99-$100 soon?

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