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Gold Back To Gains on North Korea Jitters

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USD

The Greenback failed to manage its gains, due to profit taking, especially with the N. Korea-related headlines resulting in fretted investors about the simmering tensions between Washington and Pyongyang.

However, the U.S. Dollar remained broadly backed as the wage data from Friday's U.S. jobs report was seen as potentially boosting inflation. The unemployment rate declined to 4.2%, the lowest since 2001 and average hourly earnings rose as much as 2.9% from a year earlier. The uptick in wage inflation bolstered expectations for the Federal Reserve to raise interest rates again before the end of the year. On the other hand, the U.S. Labor Department reported that the U.S. economy lost 33k jobs in September, ending seven straight years of job growth. However, Hurricanes Irma and Harvey drove the slowest pace of employment.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.1%, to settle at 93.791 pips.

EUR

The euro edged up 0.5% to $1.1738, having pulled up from Friday’s low of $1.1669, its lowest level since 17th August.

GBP

The Sterling Pound settled above $1.31 vs. the dollar amid reports that Theresa May will reassert her authority in a Cabinet reshuffle. No reports are due from the UK today.

JPY

Greenback settled vs. the yen, after falling from 12-week highs set last week, due to renewed focus on geopolitical tensions amid worries that North Korea could prepare another missile test. North Korea's leader Kim Jong said his nuclear weapons were a "powerful deterrent" that guaranteed its sovereignty, state media reported on Sunday.

On the release front, markets are awaiting Trade Balance - BOP Basis (Yen) (AUG), which is expected to fall to ¥264.9b from ¥566.6b.

Gold

Gold prices touched their highest levels in more than a week as renewed fears over North Korea’s nuclear ambitions raised demand for safe-haven assets and weighed on the Greenback. Meanwhile, traders were concerned about the simmering tensions between the U.S. and North Korea. Gold Futures - Dec 17 rose as much as 0.59%, to settle at $1,282.46.

Oil

Oil prices rose, after a 2% slide on Friday, on anticipations that Saudi Arabia would continue to restrain its output to support the market and as the number of rigs drilling for new oil in the United States declined. 

Crude Oil WTI Futures - Nov 17 (CLX7), rose as much as 0.47%, to settle at $ 49.52, while Brent Oil Futures - Dec 17 was up to 0.20%, to settle at $ 55.73.

Economic Calendar (all times in GMT)

  • EUR ECB's Lautenschlaeger Speaks in Stuttgart: (GMT 16:00) – Low
  • JPY Trade Balance - BOP Basis (Yen) (AUG): (GMT 23:50) – Medium – Forecast (¥264.9b) – Previous (¥566.6b).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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