Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts were trading steady during the Asian trade session on Thursday. Traders are still concerned about the rapidly spreading Wuhan strain of the deadly coronavirus. This offset rather upbeat economic data out of the United States.
As of 1 am GMT, the widely popular spot gold futures contract was trading flat at 1,556.36 per ounce. Overnight, during the North American trade session, this futures contract hit a better than two week low price point at $1,546.90 per ounce.
U.S. gold futures, for front month delivery, however, fell lower. This spot futures contract shed 0.2 percent to fetch $1,559.30 per ounce.
Overnight, there was a solid January private ADP non-farm payroll change to cross the wires. There was also a better than expected ISM non-manufacturing purchasing managers’ index (PMI).
The U.S. trade deficit also fell for the month of January. This is the first decline in six years that the import bill has fallen.
Gold Traders continue to watch Coronavirus Headlines
In China, another 73 people have died from the virus outbreak. This, to date, is the deadliest one day increase since the outbreak began. The total death toll is now at 563.
China is doing everything they can to stem this outbreak. They have closed entire cites in and intercity transportation has been severely restricted. In all likelihood, this will have a negative impact on China’s first quarter gross domestic product.
Economists are already lowering projections. Also, regional and global supply chains are being severely disrupted. This could bring new support for the yellow bullion, at some point.
The economic calendar is pretty quiet today. However, the European economic calendar, does have some volatile events scheduled. Monthly German factory orders as well Eurozone economic projections are schedule for publication.
The U.S. economic calendar will see Challenger labor data. Also on the schedule are monthly unemployment claims. These will be released during the North American trade session.
