The German ZEW survey declined for a 2nd consecutive month to 10.4 in July, far weaker than the 19.8 expected by market.
US net foreign capital inflows for May totaled USD$105.9bln, far exceeding market expectations of around USD$70bln. The increase from April’s inflow of USD$83.6bln was entirely from private investors. Official sources were net sellers by USD$2.8Bln.
US June industrial production was up 0.5% (exp 0.4%), while capacity utilization came in at 81.7%, also slightly above the 81.5% forecast.
The NAHB housing market index, which tracks builders' perceptions of current market conditions and expectations for home sales over the next six months, fell to 24 this month, the lowest reading since January 1991.
The BoJ voted unanimously to keep rates on hold in June. The Board reaffirmed its intentions to raise rates gradually in-line with growth and inflation, but stressed the need to keep rates low to help the economy progress.
XAU/USD is trading at 665.40. Buy XAU at 661.00, target for 690, and place stop below 640.
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