Gold inches lower on dollar rebound as North Korea concerns ease

Weekly AUDUSD

Tensions between North Korea and the USA will become even more "strained with President Trump stating that the U.S. will consider "all options" in its response".

North Korea fired a missile early on Tuesday that flew over Japan and landed in Pacific waters off the northern Japanese region of Hokkaido in a sharp escalation of tensions on the Korean peninsula.

The euro was unable to hold on to the $1.20 handle after rising above the level yesterday for the first time since January 2015.

"We've certainly remained pretty cautious on the outlook for risk here, and definitely not buying fully into the discounting of the North Korean tensions", he said.

This afternoon we have US House Prices (2pm) and Conference Board Consumer Confidence (3pm) this afternoon. The release beat market estimates and improved upon the last reading of 120.0 by coming in at 122.9.

EURUSD climbed over 0.5% on Tuesday, reaching a high of 1.20697, a level not seen since December of 2014.

As a safe-haven asset, it's clearly been a supportive factor, extending gold's rally from the lows seen late a year ago to around 17%.

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With markets grasping at the lack of any mention of the euro's strength by ECB President Mario Draghi at the Jackson Hole conference in Wyoming last week as a tacit green signal for euro bulls, traders pushed the single currency above the $1.20 line.

Hurricane Harvey's impact has led analysts to assume the U.S. central bank will not want to risk curbing economic growth and fears over North Korea's activities have unnerved investors.

EUR/USD ran up to another 2.5 year high of 1.2069 early this morning, fueled by upbeat German consumer sentiment and French consumer spending data, along with the broader-based selling pressure against the dollar.

Investors are also gauging the potential economic fallout of Tropical Storm Harvey, which brought catastrophic flooding to Texas this week and shut down almost a fifth of the U.S's crude oil refining capacity. Currently, WTI is trading around $46.56pb. Consensus calls for an improvement to 185K from the previous 178K. Investors were also looking ahead to Friday's August US non-farm payrolls report for further trading incentives.

At 14:30 BST, the US Bureau of Economic Analysis will release Gross Domestic Product Annualized for Q2.

The renminbi is also set for its biggest monthly gain since 1994, when China unified official and market exchange rates and price data was available. Forecasts call for a slight increase, from the previous reading of 2.6%, as a strong United States labor market is expected to fuel personal consumption, the largest contributor to USA economic growth.

Japan's Nikkei is lower due to weakness in financials and as a result of the stronger Yen.

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