In the commodity market, oil prices have tumbled by over 2% on the news that the US saw a record number of coronavirus cases, while the pandemic is worsening in Europe as well. A recent report from the World Bank said that lower oil demand might persist beyond 2021 due to the effect of the pandemic. WTI is now trading near $39, and Brent is fluctuating at around $41.
Gold is also declining as it can’t leverage its safe-haven status. The metal has just broken below the $1,900 mark.
In FX, the US dollar is trying to recover losses incurred last week. At the time of writing, the USD Index is up 0.18% to 92.933. The greenback is bullish on investors’ cautious mood amid surging COVID cases and no progress in stimulus negotiations. EUR/USD has declined by 0.22% to 1.1835.
The pound has declined against the US dollar but rose in pair with the euro as the UK and the EU have extended talks on a potential post-Brexit trade deal.
