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Forex Morning Overview: 16 May 2017

Gold prices traded higher on Monday, as weaker than expected U.S. manufacturing data weighed on the dollar, which underpinned an uptick in commodity prices, while geopolitical concerns over North Korea resurfaced.
Gold futures' positive start to the week came under pressure, despite data showing that Manufacturing in New York state shrank for the first time in seven months in May. The Federal Reserve Bank of New York said its Empire State manufacturing index fell last month to minus 1, from 5.2 in April, as new orders dipped and shipment grew more quickly.

Meanwhile, geopolitical concerns resurfaced, which boosted safe-haven demand, after North Korea confirmed that it had carried out a missile test on Sunday.

Oil jumped by over 3% Monday as Saudi Arabia and Russia agreed on the need to rein in output for another nine months.

Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak issued a statement saying the output cut deal should be extended to March of next year. OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half. Russia and Saudi Arabia said an extension of the deal was needed to reduce stockpiles and balance prices.

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