Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Gold soars in Asia ahead of Fed decision on rates
On Wednesday, gold edged up moderately in Asia, with the Federal Reserve generally expected to officially announce a quarter point lift in interest rates, although the language on 2018 is considered to be decisive for the number one precious metal.
In New York, February delivery gold futures rallied 0.28% being worth $1,245.20 a troy ounce.
Overnight, the yellow metal was still at five-month minimums amid dollar strength that followed an improving inflationary environment. Meanwhile, a widely anticipated Fed interest rate lift kept weighing on gold.
An improving inflationary environment that could potentially encourage the major US bank to adopt a tighter rate-hike cycle next year underpinned the evergreen buck, thus suppressing gold.
On Wednesday, the Labor Department told that the previous month its producer price index for final demand edged up 0.4%. For the last 12 months through August, the PPI tacked on 3.1% having soared 2.8% in October.
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Oil alert: wait for the inventories
Yesterday’s private survey showed larger-than-expected cut in oil output.
Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Latest news
Market updates on September 20
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Market updates on September 19
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.
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