Forex Marketz Daily Forex News – Fully Markets Update
The yellow bullion, gold, stayed within distance of six week high hit during the last trade session. The metal has seen some support from a weaker U.S. dollar ahead of a Congressional hearing with Federal Reserve chair nominee Jerome Powell. Traders are also watching a possible Senate vote on tax reforms in the United States.
As of 1:30 am GMT, Spot gold (XAU/USD) was up 0.1 percent at $1,295.31 an ounce. On Monday, the yellow bullion reached a high of $1,299.13 an ounce. This was its highest price point since October 16
U.S. gold futures, for December delivery, were pretty flat, trading at $1,294.80 an ounce. The U.S. dollar on Tuesday remained pretty close to a two month low versus the Japanese yen. Near-term focus, for Forex traders are on a possible Senate vote with regards to the U.S. tax reform plan due later in the week.
Gold Traders watch U.S. Fed Headlines
Federal Reserve chair nominee Jerome Powell defended the Fed’s use of broad crisis fighting powers. This comments were part of his remarks for his Tuesday’s Senate confirmation hearing. He is positioning himself as an extension of the central bank policies used by current Chair Janet Yellen as well as her predecessor Ben Bernanke.
In other headlines out of the United States, the Senate Republican tax bill backed by President Donald Trump will see potential opposition from two Republican lawmakers. This could prevent the sweeping tax reform bill from even reaching the Senate floor. Republicans are in a rush to bring the Senate version of their tax bill to a vote, by Thursday.
