Forex Marketz Daily Forex News – Fully Markets Update
The price of gold was steady during Asian trade hours. The U.S. dollar is still trading near its two month low which it hit during the previous session.
Spot gold (XAU/USD), as of 1 am GMT was trading unchanged at $1287.67 an ounce. U.S. gold futures, for December delivery, were we also unchanged at $1,287.20.
The U.S. dollar index, which measures the almighty dollar against a basket of six major Forex trading partners, was fairly flat at 92.80. It is trading near a two month low of 92.675. This level was hit on Friday.
Traders are eyeing tax reform out of the United States. U.S. President Donald Trump will meet with Senate Republicans this week to discuss their party’s attempt to pass tax reform legislation. This was a statement released by the chairman of the Senate Republican Policy Committee said on Friday.
Gold Traders watch Political Headlines
Traders of the yellow metal are eying a Congressional hearing with Federal Reserve Chair nominee Jerome Powell. This is scheduled for Tuesday.
The European Union gave United Kingdom Prime Minister Theresa May a ten day “absolute deadline” to improve her Brexit deal offer. If she does not, she faces failure in persuading EU leaders to open trade talks with her island nation at the December EU summit.
Looking at economic data, German business confidence hit a record high in the month of November. This puts Europe’s largest economy on track for an economic recovery.
Leaders of German Chancellor Angela Merkel’s conservative party agreed to pursue a “grand coalition” with the Social Democrats (SPD). This is an attempt to break the political deadlock in Germany.
The Bank of Japan is also in the news today. BOJ board member Hitoshi Suzuki said there is room to discuss a fine tuning of the central bank’s yield curve control policy. This was said in an interview with the Mainichi paper. This is seen as a signal that the central bank might raise interest rates before inflation hits its target of two percent.
