Forex Marketz Daily Forex News – Fully Markets Update
This morning during the Asian trade hours, gold futures held steady despite a slightly firmer U.S. dollar. The yellow metal is finding some support from traders as it would see that the U.S. Federal Reserve could slow down their rate hike cycle sooner than previously expected.
However, there is Brexit worries as the vote on Prime Minister Teresa May’s Brexit deal has been delayed. This has strengthened the dollar and weighed on the bullion.
The widely traded spot gold contract was trading steady this morning as of 1:15 am GMT. This contract was fetching $1,244.71 per ounce.
U.S. gold futures, for front end delivery, were virtually flat as they traded at $1,250.1 per ounce during the Asian trade hours.
The dollar index, which measures the dollar against six other currency majors, was up this morning. The dollar gained 0.75 percent is now trading back above the technical resistance level at 97.00.
Gold Traders Watch the Brexit Drama as PM May Runs into a Wall
Looking at the headlines, British Prime Minister Theresa May postponed a parliamentary vote on her Brexit deal. She needs more concessions. However, the European Union is not willing to renegotiate more. British lawmakers do not think she can gain more big concessions from the European Union.
Also in the news, the U.S. Federal Reserve’s rate hike cycle into 2019 has been met with more skepticism from traders overnight. Rate hike futures are indicating a slowdown wit rate hikes as the economy slows.
