Forex Marketz Daily Forex News – Fully Markets Update
Gold futures held steady during today’s morning Asian trade hours. They were up almost one percent in the previous session as the dollar continued to ease back from its multi-monthly high in the dollar index. Traders were digesting positive Brexit news out of Europe and the United Kingdom overnight.
As of 1 am GMT, the widely traded spot gold contract was little changed. This contract was trading at $1,210.65 per ounce.
U.S. gold futures, for front month deliver, was virtually flat. This contract was trading up 0.1 percent at $1,203 per ounce.
The dollar index, which measures the greenback against six other Forex majors, was down. The index lost 0.1 percent as both the euro and British pound made gains.
Gold Traders React to Positive News out of the United Kingdom about Brexit Support
Looking at headlines, U.K. Prime Minister Theresa May won the support from her senior ministers regarding the draft exit deal from the European Union on Wednesday. She can now look towards handling the British Parliament to approve the agreement.
Italy has re-submitted its 2019 budget to the European Commission. It still contains the problematic growth and deficit assumptions that had been previously rejected for breaking European Union rules. This only increases the chances of a messy battle with the EU over Italian fiscal policy.
Economic data, out of the United States, showed that for the month of October consumer prices increased by the most in nine months. There were gains in the cost of gasoline and apartment rents. This shows increasing overall inflation that should keep the Federal Reserve on track with monetary policy. The Fed will likely hike rates in December.
