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CAD rallies ahead of employment revision, Gold gaining ground

CMC Markets

The loonie has continued to bounce back after Statistics Canada ate crow yesterday and admitted that last week’s dismal job report contained errors. A new revised report is due tomorrow and dollar action suggests that traders are speculating on an improvement in employment conditions. NZD has also been rallying overnight, here renewed interest has come from a better than expected NZ retail sales report. GBP and USD have been dragging behind the group today as recent data and yesterday’s changes to Bank of England forecasts have cooled interest rate hike speculation in both countries. Gold held steady through the morning but has started to pick up again in the last few minutes. The World Gold council announced that Q2 gold demand was 964t, down 16% from a year ago while supply rose by 10% to 1,078t. Jewellery demand fell 30% over year but central bank buying rose by 28% while ETF selling dried up down 90% from a year ago. Yesterday’s stock rebound appears to be petering out a bit. European indices are posting moderate gains despite soft GDP reports from France and Germany. US indices have started to drop back since US jobless claims came in a bit worse than expected (but still not that bad overall) which also appears to have contributed to the pop in gold. We may see more choppiness and reversals in indices through the day, creating opportunities for short-term trading. Corporate News Wal-Mart $1.21 as expected, guides next Q to $1.10-$1.20 vs street $1.18 Cisco Systems $0.55 vs street $0.52, sales $12.3B vs street $12.1B Economic News Economic reports released overnight and this morning include: South Korea interest rate 25 basis point cut to 2.25% as expected US jobless claims 311K vs street 295K Canada new house prices 0.2% as expected France GDP update 0.1% vs street 0.3%, cuts 2014 forecast to 0.5% from 1.0% Germany GDP update 0.8% vs street 1.3% and previous 2.5% Eurozone consumer prices 0.4% as expected Eurozone GDP update 0.7% as expected vs previous 0.9% NZ manufacturing PMI 53.0 vs previous 53.3 NZ retail sales ex inflation 1.2% vs street 1.0% and previous 0.8% Economic reports due later today include: 10:30 am EDT US natural gas street 82 BCF

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