U.S. Dollar Falls on Weak Manufacturing Data By Investing.com


© Reuters.

Investing.com – The U.S. dollar fell on Friday, after data showed that manufacturing woes in the country have deepened.

Manufacturing output fell to 0.6% in October, the most since May 2018. Excluding autos, output was down 0.1% last month, the Federal Reserve data showed. Industrial production slipped 0.8%, while the Empire State Manufacturing Index tumbled to 2.9 from 5.0 expected.

Diminishing concerns over U.S. trade did nothing to ease forex traders. The , which measures the greenback’s strength against a basket of six major currencies, fell 0.2% to 97.863 as of 11:08 AM ET (16:08 GMT).

White House economic advisor Larry Kudlow said on Thursday that the U.S. and China were close to securing a trade deal. His comments come after a week of volatility after reports that the two sides had hit a snag over trade talks. Chinese media on Friday fleshed out arguments that Chinese demand for U.S. farm products is nowhere near the level of purchases that Washington is insisting on in order to seal a partial phase one deal.

U.S. Commerce Secretary Wilbur Ross said Friday that U.S. and Chinese officials would hold a call later in the day, but added that the U.S. could still impose tariffs on Chinese goods, which are scheduled for Dec. 15.

The safe-haven Japanese yen was lower with up 0.3% to 108.75.

Elsewhere, the euro was higher, with up 0.3% to 1.1051 while rose 0.2% to 1.2901.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

U.S. Dollar Inches Up After Powell Comments; Asian Data in Focus By Investing.com


© Reuters.

Investing.com – The U.S. dollar inched up on Thursday in Asia following prepared remarks from Federal Reserve Chairman Jerome Powell. The Australian dollar dropped after the release of weak employment reports.

The that tracks the greenback against a basket of other currencies inched up 0.1% to 98.280 by 12:30 AM ET (04:30 GMT).

Powell, who is testifying in front of Congress, said that while the economy is on track right now, there are risks to the current economic expansion.

“We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook,” Powell said Wednesday in remarks prepared for delivery to the congressional Joint Economic Committee in Washington. “However, noteworthy risks to this outlook remain.”

Meanwhile, the pair fell 0.6% to 0.6799 after the statistics bureau reported that the country’s unexpectedly rose 5.3% in October versus the expectation of no change from 5.2% last month.

The pair traded 0.3%, giving back some of its gains yesterday after the central bank unexpectedly left rates unchanged.

The pair was little changed at 7.0215 after data today showed that industrial output, retail sales and fixed-asset investment all came in weaker than previously expected.

The pair slipped 0.1% to 108.71. Japan’s Cabinet Office reported on Thursday that the country’s grew at 0.2% quarter-on-quarter in the three months through September. Economists had forecast a 0.9% expansion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

China’s Trade Data Show Brighter Exports, Weak Domestic Demand By Bloomberg



(Bloomberg) — China’s exports declined less than expected in October as optimism rose about an interim trade deal with the U.S., while imports contracted for a sixth straight month.

Exports decreased 0.9% in dollar terms in October from a year earlier, while imports dropped by 6.4%, the customs administration said Friday. That left a trade surplus of $42.81 billion for the month.

Key Insights

  • The improvement in exports will provide some relief to companies, which are being squeezed by falling profits amid factory deflation. Falling imports point to a slowing domestic economy.
  • The U.S. and China have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal, both sides said Thursday.
  • China’s trade surplus with the U.S. was $26.42 billion in October; Exports to the U.S. are now down 11.3% in dollar terms in the year to date from the same period in 2018.
  • At the same time, the date of the summit may be pushed back to December as the two sides wrangle over the details.
  • “There are some signs of stabilization for exporters. And with the possible rollback of tariffs, next year is very likely to stage a recovery for exports,”said Gai Xinzhe, a senior analyst at Sino-Ocean Capital in Beijing.

What Bloomberg’s Economists Say..

“A slower pace of decline in exports in October offers some encouragement for the economy’s performance heading into year-end. That said, a continued slide in imports, coupled with contraction in the new orders component of the official manufacturing PMI, suggest domestic demand remains weak — tempering any optimism about growth bottoming out near term.”

David Qu and Qian Wan, Bloomberg Economics

For the full note click here

Get More

  • Economists had forecast that exports would drop by 3.9% while imports would contract by 7.8%.
  • “The slightly improving imports may be largely due to the moderate pickup in domestic infrastructure investment, and it may last for some time,” said Betty Wang, senior China economist at Australia & New Zealand Banking Group Ltd. in Hong Kong. “On exports, the market is getting excited about the phase-one deal, but we think that is only the short-term optimism instead of long-term certainty. There is still lack of clear sign of recovery. It is too early to say anything now.”

(Updates with exports to U.S. in Key Insights section)

To contact Bloomberg News staff for this story: Miao Han in Beijing at mhan22@bloomberg.net;Tomoko Sato in Tokyo at tsato3@bloomberg.net

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, Sharon Chen

©2019 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Oil slips as concerns over economic data offset trade deal optimism


SINGAPORE (Reuters) – Oil prices eased on Monday as traders took profit ahead of fresh European and U.S. economic data, despite hopes for some resolution to the U.S.-China trade row that has hurt global economic growth and crimped energy demand.

FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann

Prices jumped about $2 a barrel on Friday after the world’s top two economies said they had made progress on trade talks while U.S. officials said the deal could be signed this month.

Brent crude futures for January LCOc1 fell 16 cents to $61.53 a barrel by 0727 GMT, while December U.S. crude futures CLc1 was at $56.04 a barrel, down 16 cents.

“Friday’s mega-rally was built on a combination of not-as-bad-as-feared data and optimism on a trade deal that really, only keeps the lights on. It does not increase the brightness of the world economy,” Jeffrey Halley, a Singapore-based senior market analyst for Asia Pacific at OANDA, wrote in a note.

“With plenty of oil going around for everyone from everywhere, oil, in particular, will be more susceptible to headline bombs this week.”

The European Union and the United States are set to announce manufacturing data on Monday with more U.S. and Chinese data to come later in the week.

“I think the trade talk continues to improve sentiment but … Asian oil traders want more convincing data from the macros side” before supporting oil, Stephen Innes, Asia Pacific market strategist at AxiTrader, said.

Still, a fall in the U.S. rig count for a second week in a row and an upbeat U.S. jobs report supported oil prices last week. Independent producers cut spending after record production weighed on the outlook for energy prices.

Also underpinning U.S. crude prices was a shutdown of the Keystone pipeline that sends Canadian heavy crude to the United States. Owner TC Energy Corp (TRP.TO) said on Friday work was underway to plug the pipeline in North Dakota.

Production cuts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers – a group known as OPEC+ – since January to reduce oil output by 1.2 million barrels per day are also propping up prices.

Still, Russia again missed its output cut target in October, energy ministry data showed on Saturday. C-RU-OUT

OPEC’s output recovered in October from an eight-year low after a rapid rebound in Saudi Arabia’s production from attacks on its oil infrastructure in September offset losses in Ecuador and voluntary cuts under the pact.

Protests at Iraq’s main Gulf port Umm Qasr on Saturday blocked the country’s food imports but did not affect the second-largest OPEC producer’s oil exports, which take place mostly from nearby offshore platforms.

Saudi Aramco finally kick-started its initial public offering on Sunday, but offered scant details on the number of shares to be sold, pricing or the date for a launch.

Reporting by Florence Tan; editing by Richard Pullin and Himani Sarkar



Source link

Dollar Slides to 10-Day Low Ahead of Payroll Data By Investing.com


© Reuters.

Investing.com — The dollar fell to its lowest in some 10 days in early trading in Europe amid hopes that the world economy may be bottoming out.

Those hopes rested largely on a Chinese business survey by , which showed the strongest improvement in operating conditions for Chinese manufacturers since February 2017. Output and new orders both expanded at steeper rates, with the latter supported by a renewed increase in export business.

That contrasted sharply with a more gloomy reading from the state-compiled PMI earlier in the week, which showed continued weakness.

Other purchasing manager indexes from around Asia showed the world’s manufacturing continuing to struggle, with ’s falling to a four-year low, ’s slipping into contraction territory and ’s staying in negative territory despite a modest increase.

’s showed manufacturing output falling for a 10th straight month. Even so, the strengthened to a three-week high of 107.95 against the dollar by 4:30 AM ET (0830 GMT).

Among European currencies, and both benefited from dollar weakness ahead of what is expected to be a complicated set of U.S. numbers at 8:30 AM ET. The headline nonfarm payrolls growth number is expected to fall to 89,000, due largely to the impact of the strike at General Motors (NYSE:). That will put more focus than usual on wage developments, where and are expected to stay unchanged from September.

By 4:30 AM ET, the , which tracks the dollar against a basket of developed market currencies, was down 0.1% at 97.037, on course for a 0.6% drop on the week. Sterling was up 0.2% at $1.2966 while the euro was up 0.1% at $1.1157.

“In the coming weeks however, with a majority (election) win for the Conservatives priced in and less room for a short-squeezing effect, the upside for sterling appears quite limited,” analysts at ING said in a morning note.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Dollar hobbled before payrolls data as trade war doubts grow By Reuters


© Reuters. Illustration photo of a U.S. Dollar note

By Stanley White

TOKYO (Reuters) – The dollar traded near a three-week low versus the yen on Friday before a U.S. employment report expected to show a slowdown in job creation, highlighting concerns about the health of the world’s largest economy.

The U.S. currency also nursed losses against the euro and the pound after Bloomberg reported that Chinese officials have doubts about reaching a comprehensive long-term solution to the U.S.-Sino trade war.

The U.S. Federal Reserve cut interest rates this week for the third time this year and indicated that further monetary easing is unlikely, citing several pockets of strength in the U.S. economy.

However, the Fed’s hawkish tone has failed to put a floor under the dollar and U.S. Treasury yields, which suggests some investors do not share the central bank’s confidence in the economic outlook due to risks posed by the trade war.

“The Fed is expected to be on hold in December, but the markets are trying to price in a rate cut next year, because people doubt that talks to end the trade war will go smoothly,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo.

“If the jobs data prints to the weak side, that would put even more pressure on the dollar.”

The dollar stood at 108.00 yen on Friday after hitting a three-week low of 107.89 yen in Asian trading.

Renewed doubts about efforts to resolve the U.S.-China trade war rattled the greenback and pushed global stock markets lower on Thursday.

The U.S. currency is on course for a 0.6% decline against the yen this week, which would be its biggest weekly loss since Oct. 4. The () against a basket of six major currencies fell 0.13% to 97.221, on course for a 0.63% weekly decline.

U.S. President Donald Trump said on Thursday the United States and China would soon announce a new site where he and Chinese President Xi Jinping will sign a “Phase One” trade deal after Chile canceled a planned summit set for mid-November.

However, Trump’s comments on Twitter did little to offset concerns sparked by the Bloomberg report, which said Chinese officials will not budge on the thorniest issues in trade talks with the United States.

In the offshore market, the yuan traded at 7.0450 per dollar, set for a fifth straight week of gains.

Washington and Beijing have been locked in a fierce near 16-months long trade war that has slowed global trade, raised the risk of recession for some economies and roiled financial markets.

The U.S. economy is forecast to have created 89,000 new jobs in October, slower than 136,000 new jobs created in the previous month, according to a Reuters poll.

The yield on benchmark 10-year Treasury notes () rose slightly to 1.7015% on Friday but was still close to the lowest in almost three weeks due to waning hopes for a resolution to the trade friction.

The pound rose 0.11% to $1.2960, poised for a 1.0% weekly gain. Sterling () was quoted at 86.17 pence per euro, headed for a 0.22% rise this week.

Sterling has found support due to the receding risk of Britain crashing out of the European Union without a deal on trade and borders.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Gold Prices Drop Despite Sino-U.S. Trade Jitters, Weak Data Across Asia By Investing.com


© Reuters.

Investing.com – Gold prices dropped on Friday in Asia despite Sino-U.S. trade jitters and a set of weak data across Asia.

for December delivery dropped 0.2% to $1,513.25 by 1:21 AM ET (05:21 GMT).

A Bloomberg report suggested China may well resist signing a comprehensive trade deal, in part because its leaders don’t trust U.S. President Donald Trumps’ impulsive nature.

Meanwhile, Trump said in a tweet overnight that Beijing and Washington is searching for a new venue for the singing of a phase one trade deal after Chile cancelled a summit planned for November.

On the data front, this week’s data showed Hong Kong economy contracted 3.2% in the third quarter, while China’s state purchasing managers index showed manufacturing contracted for a sixth-straight month, and at the fastest rate since February.

Meanwhile, Japan’s Jibun Bank Final Japan Manufacturing Purchasing Managers’ Index (PMI) dropped to 48.4 on a seasonally adjusted basis, hitting the lowest level since June 2016.

South Korea’s exports in October fell 14.7% from a year earlier. It was the biggest drop in nearly four years on-year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Pound Slips as Johnson Calls for Election; Dollar Moves Higher on PMI Data By Investing.com


© Reuters.

Investing.com – The British pound slipped against the U.S. dollar on Friday in Asia after U.K. Prime Minister Boris Johnson said U.K. lawmakers should back an early Dec. 12 general election to get more time to scrutinize the Brexit deal, creating more uncertainties surrounding the country’s departure process.

The pair slipped 0.1% to 1.2842 by 12:05 AM ET (04:05 GMT).

EU officials will meet later in the day to decide how long they will extend Britain’s deadline for departing from the bloc.

Meanwhile, the that tracks the greenback against a basket of other currencies inched up 0.1% to 97.470.

The greenback was boosted after the Markit purchasing managers’ index came in higher than expected, at 51.5 compared to 51.1 in the prior month.

The data raised expectations that the Federal Reserve will cut borrowing costs for a third time this year even further.

The central bank’s policymakers will meet next week. U.S. President Donald Trump has pushed for even more rate cuts, pointing to falling interest rates at other central banks around the world.

“The Federal Reserve is derelict in its duties if it doesn’t lower the Rate and even, ideally, stimulate. Take a look around the World at our competitors. Germany and others are actually GETTING PAID to borrow money. Fed was way too fast to raise, and way too slow to cut!” the president tweeted.

The pair was unchanged at 1.1102 after the European Central Bank (ECB) left monetary policy unchanged on Thursday.

Outgoing ECB President Mario Draghi rejected criticism of his negative interest rate policy and his insistence on resuming outright purchases of government bonds from next month.

“The improvements in the economy have more than offset the negative side effects” on the financial system, Draghi said at his regular press conference.

He added that he wasn’t unduly concerned about the dissent regarding September’s multi-faceted package of easing measures, saying that all the key economic data from the euro zone in the course of the last month had justified the actions.

“I’ve taken this as part and parcel of the ongoing debate and discussions,” Draghi said.

The pair traded 0.04% higher at 108.64.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Boeing, J&J, dismal China data drag Wall Street lower


NEW YORK (Reuters) – Wall Street fell on Friday as negative headlines about Johnson & Johnson and Boeing, along with bleak economic data from China, soured investor risk appetite and offset generally positive corporate earnings.

All three major U.S. stock averages ended the session in the red, but the S&P 500 and the Nasdaq posted weekly gains. The blue-chip Dow was nominally lower than last week’s close.

Boeing Co (BA.N) and Johnson & Johnson (JNJ.N) shares led both the S&P 500’s and the Dow’s declines.

Boeing dropped 6.8% after Reuters reported that text messages between two employees suggested the planemaker misled the Federal Aviation Administration about the safety of the grounded 737 MAX aircraft.

Johnson & Johnson announced it would recall baby powder in the United States after regulators found trace amounts of asbestos in a sample, sending its shares falling 6.2%.

Growth of China’s gross domestic product slowed to its weakest pace in nearly 30 years as the bruising trade war with the United States took its toll, stoking fears of slowdown contagion.

The International Monetary Fund has lowered its forecast for global growth this year to 3%, which would mark the slowest expansion since the financial crisis.

“There’s no question that there’s signs out there that the economy is weakening,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Today’s market weakness “has to do with (GDP) news out of China, Boeing and Johnson & Johnson,” Cardillo added, saying “market sentiment in terms of earnings is positive.”

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 18, 2019. REUTERS/Brendan McDermid

Third-quarter earnings season has hit full stride, with 73 companies in the S&P 500 having reported. Of those, 83.6% have come in above average estimates, according to Refinitiv data.

Still, analysts currently see S&P 500 earnings dropping by 3.1% compared with last year, which would mark the first contraction since the earnings recession that ended mid-2016.

Schlumberger NV (SLB.N) gained 1.3% after the oilfield services company posted its largest quarterly loss ever as a result of a $12 billion charge as Chief Executive Olivier Le Peuch moved to shift focus toward software and services.

American Express Co (AXP.N) reported better-than-expected third-quarter profit as consumers boosted their spending. Still, the credit card issuer’s shares dipped 2.0%.

Coca-Cola Co’s (KO.N) revenue beat expectations and an upbeat forecast gave its shares a 1.8% boost.

Kansas City Southern (KSU.N) jumped 7.3% after the railroad operator also beat profit expectations, on increased petroleum shipments to Mexico.

Next week, market participants look forward to high profile results from Procter & Gamble Co (PG.N), United Parcel Service Inc (UPS.N) Caterpillar Inc (CAT.N), Boeing, Microsoft Corp (MSFT.O), Ford Motor Co (F.N), 3M Co (MMM.N), Twitter Inc (TWTR.N), Amazon.com (AMZN.O), and others.

The Dow Jones Industrial Average .DJI fell 255.68 points, or 0.95%, to 26,770.2, the S&P 500 .SPX lost 11.75 points, or 0.39%, to 2,986.2 and the Nasdaq Composite .IXIC dropped 67.31 points, or 0.83%, to 8,089.54.

Of the 11 major sectors in the S&P 500, seven closed in the red, with tech .SPLRCT, communications services .SPLRCL and industrials .SPLRCI suffering the biggest percentage declines.

Slideshow (2 Images)

Declining issues outnumbered advancing ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favored decliners.

The S&P 500 posted 29 new 52-week highs and two new lows; the Nasdaq Composite recorded 51 new highs and 59 new lows.

Volume on U.S. exchanges was 6.24 billion shares, compared with the 6.55 billion average over the last 20 trading days.

Reporting by Stephen Culp; Editing by Tom Brown



Source link

Gold Prices Flat in Skittish Trade on Brexit Deal, Weak Data By Investing.com


© Reuters.

Gold prices were volatile but largely unchanged from Wednesday’s levels on Thursday, as early weakness on signs of a Brexit deal gave way to fresh buying as signs of resistance from U.K. lawmakers emerged.

Haven appetite was also supported by a barrage of weak U.S. economic data that gave fresh ammunition to those calling for further interest rate cuts from the Federal Reserve when its policy-making committee meets in just under two weeks’ time.

in the U.S. fell 0.4% in September, after an upwardly-revised gain of 0.8% in August, adding to evidence of an ongoing slowdown across the country. Earlier, the ’s manufacturing index fell to its lowest in five months, while data from the housing market also disappointed, as slowed more than expected, while again edged higher.

Fed officials and are both due to speak later, as is Chicago Fed President , who has already signaled his openness to another cut.

There was more bearish news from abroad too, as the German government cut its growth estimate for next year to 1.0% from 1.5% previously. For now, German government officials are sticking to their line that the economy doesn’t need a major stimulus package.

By 10:20 AM ET (1420 GMT), for delivery on the Comex exchange were effectively unchanged at $1,493.90, while was flat at $1,490.73.

were up 0.6% at $17.54 an ounce while were up less than 0.1% at $891.10.

The announced earlier promised to remove the risk of a chaotic and economically devastating rupture at the end of the month, a risk that has propped up haven demand for most of this year.

“We do not see much risk of a Hard Brexit at the end of the month,” said Kallum Pickering, a senior economist with Berenberg Bank in London, after the announcement. “Instead, we would expect the U.K. and EU to agree on an extension, during which the U.K. would an election and/or a second EU referendum.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.