Forex and Gold Daily Report for December 17, 2012

The U.S. dollar pulled back from a nine-month high against the yen and the euro rose to its highest level against the dollar since May on Friday after weak U.S. inflation data warranted continued monetary easing by the Federal Reserve.

Gold futures ended Friday’s session below the key USD1,700-level, little changed on the day, as market players continued to monitor negotiations among U.S. lawmakers to avoid the looming “fiscal cliff” crisis. On the week, gold futures retreated 0.5%, the third consecutive weekly decline.

Investors continued to monitor 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, unless a divided Congress and the White House can work out a compromise in the two weeks left before the deadline.

 

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