Daily
Market Color
08/23/2013
Economic
Reports & Headlines
Germany second quarter Gross
Domestic Product was in line with economists’ estimates by growing 50 basis
points on an annual basis and 70 basis points on a quarterly basis.
Second Quarter GDP in the UK was
slightly better than expected on both a quarterly and annual basis. Quarterly:
70bps Vs 60bps, Annual: 160bps Vs 150bps.
Consumer prices in Canada grew 10
basis points in July. Economists’ were forecasting a 20 basis point rise in
consumer prices.
Canada’s southern neighbor, the
US, posted disappointing new home sales in July, 394k Vs 487k.
Future
Reports
Over the weekend we will get a
read on merchandise trade in New Zealand.
Trades
The
likelihood of tapering continued to decline in light of comments from Fed
bankers at their annual conference in Jackson Hole Wyoming. St. Louis Fed
President James Bullard stated that there is no need to hurry taper. The
attention surrounding tapering is setting up the perfect trading opportunity in
September. Gold, Treasuries and US index equities futures will surely be in
play.
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