In the commodity market, oil prices are declining amid a general uncertainty about the OPEC+ plans regarding the crude production cuts. The OPEC+ delayed talks about production cuts to Thursday, adding to concerns that some members are opposing the continuation of supply cuts beyond January 2021. Both WTI and Brent crude brands are down almost 0.90%.
Gold is recovering some of the losses to start December on an upbeat note. Still, the metal is trading well below the $1,800 mark after experiencing the worst monthly performance in about four years, following the vaccine optimism that boosted equities. Gold futures are up 0.40% to $1,787.
In FX, the US dollar continues to trade lower after a failed attempt of recovery. The greenback saw its worst month since July, falling to the lowest level since April 2018. The American currency continues to decline on the same vaccine optimism and expectations that the Fed would inject more cash into the financial market. The USD Index is down 0.06% to 91.800. EUR/USD is up 0.25% to 1.1959. Euro is surging on increased risk appetite.
The British pound is holding gains versus both majors even though little progress has been made during the Brexit talks. Negotiations are entering a decisive week.
