Forex Marketz Daily Forex News – Fully Markets Update
The spot gold futures contract continued to inch higher during the final Asian trade session of the year. Traders are concerned about global economic growth which boosted the bullion above the key $1,500 handle.
There is also the looming signing of the preliminary trade agreement between China and the United States. This has weakened the safe haven appeal of the U.S. dollar and sent it lower into the holiday.
The widely traded spot gold futures contract gained over 0.3 percent during the Asian trade session as it trade above $1,515.42 per ounce.
The U.S. gold futures contract, for front end delivery was trading flat at $1,518.40 per ounce.
Thin volume in the Forex market as we head into the New Year Holiday exacerbated the dollar’s losses. The greenback has fallen for three trade sessions in a row.
The yellow metal has gained about 18 percent, so far this year. Traders were worried about a global economic slowdown thanks to the trade war between China and the United States.
Gold Traders Monitor Trade News and a Quiet Economic Calendar
Looking at trade headlines, the South China Morning Post has said that Chinese Vice Premier Liu He will visit Washington DC at the end of the week to sign the preliminary trade accord. Details about this phase one trade pact remain hush. There is not a lot of meat for traders to chew on as of yet.
The economic calendar for the final day of the year is quiet. There is nothing coming out of the, United Kingdom, Canada or the European Union. The United States will publish their CB consumer confidence data during the North American trade hours.
The calendar picks up again rather quickly in 2020. On Friday, the U.S. will post their Institute for Supply Management (ISM) manufacturing purchasing managers’ index (PMI). On Thursday, the United Kingdom will publish their purchasing managers’ index.
