Forex Marketz Daily Forex News – Fully Markets Update
Gold future contracts were steady this morning during Asian trade hours. The markets were fairly muted as North Korea tested yet another ballistic missile. Another precious metal, palladium was trading close to a 17 year high hit yesterday.
As of 1:20 am GMT, Spot gold (XAU/USD) was fairly flat at $1,294.12 an ounce. U.S. gold futures were slightly lower by 0.1 percent at $1,293.60 an ounce.
The price of palladium fell 0.2 percent to $1,024.99 an ounce. This comes after hitting its highest price point since February 2001 at $1,028.70 yesterday.
Yesterday, North Korea fired an intercontinental ballistic missile (ICBM) that landed close to Japan. Some scientists cautioning that Washington, D.C. could be within range of Pyongyang’s weapons.
President Donald Trump said, after the test, that the United States “will take care of” the North Korea problem after its latest missile launch. Trump sad that the basic approach to dealing with North Korea will not change.
Gold Trades Quietly this Morning
The U.S. dollar gained against the yen on today. The buck was supported by strong U.S. economic data. The missile launch had little immediate impact on the Forex markets. However, investors are focused on how the U.S. responds to this latest provocation.
On the economic calendar, U.S. consumer confidence rose to a near 17 year high for the month of November. Consumer confidence was driven by a strong labor market. Housing prices, in the United States, also rose sharply in September. This should support consumer spending and support more economic growth.
Also in the headlines, U.S. Senate Republicans are pushing forward Trump’s tax cut bill. This is an abrupt, partisan committee vote. It will lead to a full vote by the Senate as by Thursday. There are some details of the bill that remained unsettled.
