Forex and Gold Daily Report 27 December 2012

The U.S. dollar was mixed against its major counterparts in post-Christmas trade on Wednesday, as investors continued to monitor negotiations among U.S. lawmakers to avoid the looming “fiscal cliff” crisis ahead of the year-end deadline.  Market players remained focused on developments surrounding the fiscal cliff in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.

President Barack Obama, currently vacationing in Hawaii, plans to return to Washington on Thursday in order to take part in talks to avert the crisis ahead of the year-end deadline, the White House said late Tuesday. Both chambers of Congress are also due to return to work on Thursday. Without a deal, the U.S. could fall back into recession and drag much of the world down with it.

While, Gold futures pushed higher in post-Christmas Day trade on Wednesday, as the U.S. dollar came under pressure amid hopes U.S. lawmakers will reach a deal to avoid the looming fiscal cliff crisis ahead of the year-end deadline.

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