In the commodity market, oil prices have declined during the European morning, after a larger-than-expected increase in US inventories last week. Still, vaccine optimism provides support for crude prices. The American Petroleum Institute reported a 1.141-million-barrel build last week, while investors anticipated a draw. WTI is down 0.46%, and Brent has declined by 0.51%.
Gold is declining on vaccine optimism, after a steep uptrend that helped the metal recover most of previous losses that had forced it to break below $1,800 for the first time since July. Gold futures are down over 0.40% to $1,866.
Meanwhile, US Treasury Secretary Steven Mnuchin proposed a fresh $916 coronavirus relief package to House of Representatives Speaker Nancy Pelosi. The size of the proposed stimulus package is larger than the $908 billion package proposed by a group of lawmakers made up of members of both parties.
In FX, the US dollar is declining amid an increase in appetite for risk assets, supported by vaccine news. The USD Index has declined by 0.25% to 90.743. EUR/USD is up 0.30% to 1.2139.
The pound is stronger than the greenback but has been declining versus the euro, as investors are waiting for new clues about the progress made in the extended trade talks between the UK and the European Union. UK Prime Minister Boris Johnson is visiting Brussels to meet European Commission President Ursula von der Leyen in person. The next 24 hours are crucial.
By Strategy Desk
