Fundamental News: October 17, 2013
Statistics Canada announced last night that Manufacturing Sales eased 0.2 percent to CAD49.5 billion in August. This is against a forecast for a 0.3 percent gain and follows a 1.7 percent advance last July.
In the United States, the National Association of Home Builders disclosed its Housing Market Index declined 2 points to 55 in October, its second consecutive monthly decline.
Today, National Australia Bank said Quarterly Business Confidence improved and moved back into positive territory in the third quarter. The index jumped to 3, its highest in two years, from -1 in the prior quarter. Business conditions dropped to its weakest level in four years.
The European Central Bank proclaimed Current Account advanced to a seasonally adjusted EUR17.4 billion in August. Goods contributed a surplus of EUR14.7 billion, while services added EUR7.7 billion.
In the United Kingdom, the Office for National Statistics reported that Retail Sales edged up 0.6 percent in September, following a 0.8 percent decline in the previous month. The rebound was led by demand for furniture.
Soon, we will witness the announcement of Canada’s Foreign Securities Purchases; and US Unemployment Claims, and US Philly Fed Manufacturing Index.
Our call for bearish exhaustion has been validated today, as big recovery is now seen in Gold. Price thrusted through $1,300 after it reached a $1,274 low just a few hours ago. Next area to tackle comes around $1,350-$1,400.
Oil remains glued in the $102s and the consolidation could linger for a little more time. Bears remain intent on breaking $99-$100. Bulls, meanwhile, want a move through $104.