Source: ForexYard
The price of gold fell below $1700 an ounce last night, its lowest point in a month, as concerns over a lack of progress in budget negotiations among US Congressional leaders weighed down on commodities. After dropping more than $18 an ounce, the precious metal was able to stage a slight recovery and is currently trading at $1707.
The ongoing deadlock over US budget negotiations also resulted in the USD/JPY falling close to 30 pips during Asian trading. The pair is currently at 81.92.
Meanwhile, news that Greece is closer to receiving a new round of bailout funds helped the euro continue its advance vs. the USD last night. The common currency gained some 25 pips, and is currently trading at the 1.3060 level.
Main News for Today
Canadian Overnight Rate/BOC Rate Statement- 14:00 GMT
• The Canadian dollar has seen gains against both the euro and USD in recent days
• If today’s BOC statement indicates economic growth in Canada, the CAD could extend its recent gains
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