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Fundamental News: October 31, 2013


The US Federal Reserve yesterday maintained its Federal Funds Rate at less than 0.25 percent. The Fed affirmed that it will need more evidence before they decide on tapering QE. They said labor market conditions have further improved, but the housing sector’s momentum have slowed somewhat.


The Reserve Bank of New Zealand earlier today announced that it maintained its Official Cash Rate at 2.50 percent. The bank is of the view that the Official Cash rate would remain unchanged until yearend, but rate hikes might be needed come 2014.


Meanwhile, Statistics New Zealand reported that Building Consents continued to advance in September by 1.4 percent, with consents in Canterbury growing the most in 37 years. On the other hand, ANZ Business Confidence eased slightly to 53.2 from 54.1.


In Australia, Building Approvals surged 14.4 percent in September, well over its median expectation of just 2.9 percent, according to the Australian Bureau of Statistics. Import Prices also beat its own expectations with a 6.1 percent gain. Private Sector Credit grew 0.3 percent.


In Germany, Destatis declared that Retail Sales declined for the fourth straight month at -0.4 percent in September. Gfk German Consumer Climate stood at 7.0, while German Import Prices turned flat in September.


Later, we will have Canada’s Gross Domestic Product, US Unemployment Claims, as well as US Chicago PMI.


Commodities News


Gold closed barely higher yesterday as bulls struggled to maintain a foothold above $1,350. With this, bears are now enjoying their third day of selling and they now look for a move toward $1,300. If this move succeeds, then they can target the October lows.


Selling is much more pronounced in Oil and bears here are now licking their lips as there is a good chance for a move towards new lows. If so, traders would be trading the June 2013 prices again soon.



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