New optimism over U.S.-China trade

Daily Analysis - 22/02/2019

Spot gold went up 0.1% higher

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On Friday Gold prices went higher while enthusiasm covering U.S.-China trade discussions pressed the popular greenback. Although clues that the U.S. FED may increase interest rates once more for 2019 capped earnings. The U.S. gold futures were suppressed at $1,327.8 per ounce.

The Spot gold gained 0.1% to $1,324.58 per ounce. The yellow metal was going for a second straight weekly increase. On Thursday the valuable metal hit the 10-month top but later deleted the profits.

The dollar index versus a box of six significant currencies was set to decrease about 0.3% this week, and that probably could note the biggest weekly fall for the popular index in more than 30 days.

International Brent and U.S. crude futures fell


On Friday Oil dropped following the statement of the United States that its crude production scored a record of 12 million barrels per day. That fact is weakening the attempts by the popular club OPEC to delay supply and contract global markets. The U.S. West Texas Intermediate (WTI) crude oil futures fell 12 cents, at around $56.83 per barrel from their last settlement. International Brent crude futures were at $66.87 per barrel, down 20 cents, or 0.3%, from their last close.

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The Australian dollar fell more than 1%


Australian dollar steadied following its new sharp drop on upbeat central bank remarks. That fact reduces the anxieties about China's limitation on Australian coal imports.

The dollar index versus a box of six main currencies was limited traded at 96.607 and end up more 0.1% when long-term Treasury yields rose to a 7-days top on news of development in U.S.-China trade discussions.

However, the USD increases were stopped following Thursday's weak U.S. economic data.

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Dow fell 103 points


On Thursday US Stocks dropped after the announcement of dim U.S. economic data and due continuing trade negotiations between the U.S and China. The Nasdaq Composite dropped 0.4% to 7,459.70. The Dow Jones Industrial Average dropped 103.80 points to 25,850.62. The S&P 500 fell more than 0.3% to 2,774.87, driven below by the health and energy areas.

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