In the commodity market, oil prices have tumbled over 3.5% after losing over 3.7% on Thursday. Crude prices are under pressure amid demand worries as the number of COVID infections continues to increase worldwide, forcing many states to impose lockdowns. OPEC’s increasing supply, caused by higher supplies from Libya and Iran, are also putting pressure on crude prices. Both WTI and Brent extended losses after Trump said he had tested positive for COVID.
The same news has driven gold to consolidate above $1,900. The metal is now up 0.17% to $1,919.
The US dollar and Japanese yen have also benefited from their safe-haven capabilities. The greenback is bouncing back after flashing red on stimulus pessimism. The USD Index is now up 0.09% to 93.843. EUR/USD has declined by 0.16% to 1.1729. Investors are waiting for September inflation data from the European Union to be released later today.
The pound is down against the USD and moving in tandem with the euro after the EU launched a legal case against Britain for overriding the current Withdrawal Agreement deal. Earlier this week, UK PM Boris Johnson managed to pass his new bill, which breaks international law, through the lower house of parliament.
