Forexlive Americas FX news wrap: Gold hits another record high

• NY Fed Jan. survey of consumer expectations shows one year inflation 3.0% vs 3.0% last
• ECB’s Lagarde: The conditions for a recovery remain in place
• Elon Musk tries to buy OpenAI – report
• David Tepper put his money behind his mouth
• Israel’s Netanyahu to hold security cabinet meeting to discuss Hamas hostage release delay
• France’s finance minister Lombard: Europe will answer to US tariff moves
• Ukraine’s president Zelinskiy to meet US VP Vance before Munich security conference
• White House advisor Hassett on CNBC: Trump will stop waivers on steel

Markets:

• Gold up $46 to $2905
• US 10-year yields up 1.2 bps to 4.42%
• WTI crude oil up $1.48 to $72.48
• S&P 500 up 40 points to 6066
• AUD leads, JPY lags

Politics is dominating markets right now and that has left traders waiting for the next tweet or news report about Trump, tariffs or tax cuts. It means there are bursts of activity and trading followed by long period of consolidating and waiting. Today’s US session was mostly the latter with some Trump interviews to come later ahead of his promised announcement about reciprocal tariffs on Tues/Wed.

The dollar was a mixed bag but generally drifted higher in North American trade despite a positive risk backdrop. In terms of economic data, the NY Fed’s cooler inflation expectations survey is a big pushback on the UMich survey but it wasn’t a market mover.

Cable was soft late in the day as it drifted to a session low of 1.2360 late from 1.2390 in early trade. It’s working is way back to the post-BOE decision lows.

All the tariff noise is helping to spark steady bids in gold, which hit a record $2911 in US trade today. It struggled to hold above $2910 on a few tries but remains within close striking distance after a $45 gain.

This article was written by Adam Button at www.forexlive.com.