Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts were steady this morning during the morning Asian trade hours. They remain close to a one week low. The dollar strengthened against the Japanese yen despite escalating trade war tensions between the United States and China.
As of 1 am GMT, the heavily traded spot gold contract (XAU/USD) was trading steady at $1,241.20 an ounce. The precious metal had lost one 1 percent on Wednesday. It hit a better than one week low to trade at $1,240.89.
U.S. gold futures, for August delivery, were down. They lost 0.2 percent to trade at $1,241.60 an ounce.
The dollar index, which measures the dollar against six other Forex majors, was trading flat this morning at 94.733.
At last glance the USD/JPY Forex market was up. The dollar was fetching 112.12 yen. This near the six month high set during the North American trade hours.
Gold Traders still worry over Trade War News between China and the United States
Today, in trade headlines, China accused the United States of bullying. Beijing cautioned that it would retaliate after the Trump administration escalated the trade dispute. Washington is threatening an additional ten percent tariffs on $200 billion of Chinese goods. This shook the global financial markets.
However, the U.S. Senate rebuked their president. They made a small effort to push back against President Donald Trump’s trade policies. The Senate proposed a non-binding motion to give Congress a role in trade. Especially in regards to tariffs being levied for national security.
