Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts inched lower during the Friday Asian trade session. This comes after economic data, out of China, showed that January manufacturing activity held steady. Services data also held steady.
Traders are still concerned about the fast spreading Corona virus which originated in Wuhan, China. The World Health Organization (WHO), overnight, declared the coronavirus a global emergency. The death toll in China is now at 213 and there are reported cases in 18 countries.
The Director General of the WHO said that he “doesn’t recommend and actually opposes” travel restrictions or any restrictions on trade with China, as well. He says that the actions being taken by Beijing could “reverse the tide.”
Looking at the widely traded spot gold futures contract, price, as of 1:25 am GMT, was down 0.1 percent to trade at $1,571.77 per ounce. For the month, the spot contract has added 3.6 percent as sentiment has soured over the spread of the Wuhan Corona strain.
U.S. gold futures, for front end deliver, were also down. This contract fell 0.8 percent to trade at $1,570.70 per ounce.
Gold Traders Wait on a Whole Slew of Global Economic Data to be Released
On the economic calendar today, out of Canada is quite full. Canada will be releasing their gross domestic product (GDP) data as well as the monthly RMPI gauge. Their monthly IPPI gauge is also on the docket.
On the European economic calendar is a whole slew of flash consumer price indices (CPI) as well as economic growth data out of Spain and Italy. Germany is releasing monthly retail sales numbers.
The world’s largest economy, the United States, is releasing the Federal Reserve’s preferred gauge of inflation, the monthly core and non-core PCE price inflator.
The U.S. is also publishing the Chicago purchasing managers’ index (PMI) and the revised University of Michigan’s consumer sentiment gauge. Also expected today is monthly personal spending data.
