Gold holds and dollar falls, as all focus on BOJ decisions

2019-03-15 08:53:17 GMT (
Gold holds and dollar falls, as all focus on BOJ decisions

Gold futures fluctuated up during the Asian session, amid a bounce in the US dollar index, rebounding for five sessions in seven from its highest session since June 21, 2017, According to the inverse relationship between them, on the threshold of decisions and directions of the Bank of Japan (BOJ) in addition to the developments and economic data expected by the US economy, the largest economy in the world.


As of 03:51 GMT, Gold futures (due 15 April) rose 0.19% to currently trade at $1,298.20 per ounce, from the opening at $1,295.60 an ounce , amid the US dollar's decline of 0.08% to the levels of  96.65, compared to the opening at 96.72.


The markets are now looking for the outcome of the "BOJ" meeting, during which, the Bank of Japan's monetary policy makers could expand their stimulus and provide more flexibility in monetary policy, especially after the drop in Japan's exports, the world's third largest economy. Which has weighed on industrial production there because of the recent US trade protectionism that has weighed on world demand.


Otherwise, investors are looking ahead to the US economy to release the NYSE Index, which may extend to 10.1 vs. 8.8 in February before we see the world's largest industrial producer reading Industrial Production Index Up 0.4% from a decline of 0.6% in January. The Energy Use Index showed an accelerated growth to 78.5% versus 78.2%.


Leading to the first reading of the University of Michigan consumer confidence index, which may reflect a widening to 95.5 versus 93.8 in February with the release of consumer expectations for inflation for one year to come and five years ahead, in conjunction with the publication of a statistical employment opportunities and job rotation that may reflect a decrease to 7.27 million versus 7.34 million last December.


Yesterday, some reports referred to the postponement of the upcoming summit between the US President, Donald Trump, and his Chinese counterpart, Xi Jinping, to next April, in contrast to the initial report of the summit later this month, which in one way or another has revived concerns about existing trade tensions Between Washington and Beijing despite the recent efforts from both parties to resolve their trade disputes and reach a trade agreement.

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