This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Gold tacks on as US-North Korean negotiations fail
On Wednesday, gold gained support and rallied due to the fact that negotiations between North Korea and the United States ended up with no deal and expectations for an imminent trade pact between America and China faded away.
Against the backdrop of the geopolitical worries, traders also closely watched data on fourth-quarter economic surge in America. Financial markets actually expect a deceleration to 2.6% at the end of the previous year from the previous 3.4% expansion observed in the third quarter.
On the Comex exchange, April delivery gold futures headed north by up to 0.45% concluding the trading session at $1,327.15 a troy ounce.
American leader told that he had walked away from negotiations with North Korean leader Kim Jong-Un due to unacceptable demands to have American sanctions lifted.
In another upbeat development for the safe haven metal, traders have become more skeptical as for the chances of a trade pact between China and America, after remarks from US Trade Representative Robert Lighthizer.
On Wednesday, Lighthizer told a Congressional hearing that it was too early to forecast a result to the current talks, dampening expectations for a fast end to the standoff.
Thursday’s calendar also brought a number of appearances from Fed representatives. Traders will probably concentrate on remarks from the Fed Chair Jerome Powell as well as vice chairman Richard Clarida.
Besides this, investors are waiting for data on weekly jobless claims and the Chicago PMI poll.
As for other metals, silver futures tacked on by 0.47% being worth $15.745 a troy ounce.
Palladium futures gained 1.84% trading at $1,504.40 an ounce. Besides this, platinum futures ascended by 0.89% hitting $877.60.
Copper futures dived by 0.19% reaching $2.957 a pound.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.