Forex Marketz Daily Forex News – Fully Markets Update
Gold futures fell lower this morning during Asian trade hours. The dollar held onto gains it made in the wake of solid housing starts data out of the United States. Also U.S. industrial production data came in better than expected.
As of 1 am GMT, Spot gold (XAU/USD) fell 0.2 percent. It was trading at $1,344.20 per ounce.
U.S. gold futures, for June delivery, were 0.2 percent. They were trading at $1,347.50 per ounce.
The dollar index, which measures the U.S. dollar against a basket of six trading partners, was fairly flat. It was at 89.556, after gaining 0.1 percent during North American trade hours.
The index was at a three week low of 89.229 on Tuesday. The dollar then recovered on strong March U.S. housing starts and solid industrial production data.
Gold Traders watch U.S. Economic Data
Economic data, out of the United States, showed that housing starts gained 1.9 percent to 1.319 million units annually. This is according to data from the Commerce Department and released on Tuesday. Economists had expected housing starts rising by 1.262 million units last month.
The Federal Reserve said industrial production rose 0.5 percent for the month of March, This number was up 1.0 percent in February.
San Francisco Federal Reserve Bank President John Williams said he expects U.S. inflation to hit the central bank’s two percent goal this year. It should sustain or stay above this level for “another couple of years.”
President Donald Trump said that the United States was engaged in direct talks at “extremely high levels” with North Korea. They are trying to set up a summit between him and Kim Jong Un.
Syria’s U.N. ambassador said a United Nations security team was in the Syrian town of Douma. This is ahead of a visit by global chemical weapons experts. This is scheduled for Wednesday.
