Here are the key factors to keep in mind today for Gold trades:
- New Zealand Performance Services Index: The New Zealand service sector remained stable despite all the economic worries which have plagued the country. The service sector plays a large role in the domestic economy and today’s report showed that the New Zealand Performance Services Index for came in at 58.2 for June. This is 0.1 point above the 58.1 which was reported in May’s New Zealand Performance Services Index.
- British Rightmove House Prices: The monthly increase in the UK housing sector has slowed drastically in July as Rightmove House Prices rose by 0.1% monthly which compares to June’s increase of 3.0%. On an annualized level the picture look slightly different as Rightmove House Prices rose by 5.1% in July which compares to June’s increase of 4.5%. A strong housing market plays directly into consumer confidence as many list their homes as their biggest asset.
- China New Yuan Loans: Lending has surged in China as new yuan loans rose to CNY1,279.1 billion in June. Economists did expected an increase from May’s new yuan loans of CNY900.8 billion, but the increase was only to CNY1,050.0 billion. As the Chinese economy is trading near dangerous levels which suggest economic hardship an increase in new yuan loans may provide the boost consumers need to stimulate the domestic economy enough to prevent a GDP reading below the crucial 7.0% level.
- German PPI: The German PPI continues to show deflation in the largest economy in the Eurozone. The PPI contracted by 0.1% in June monthly and by 1.4% annualized. This matched economists’ expectations for a monthly contraction of 0.1% and an annualized contraction of 1.4%. This can be compared to the 0.0% reported in the previous month and the annualized contraction of 1.3%.
- Canadian Wholesale Trade Sales: Expectations call for a sharp slowdown in Canadian wholesale trade sales in the month of May. Economists predict no change month-over-month which compares to the strong 1.9% increase reported in April. As long as wholesale trade sales do not show a contraction this should be considered a bullish economic signal out of Canada.
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.