In the commodity market, oil prices slightly fell after OPEC and allies led by Russia agreed to ease the record production cut from August. However, the drop is moderate as investors hope the US demand for fuel would increase on the back of a decline in the country’s crude inventories. WTI is down 0.93%, and Brent has dropped by 0.72%, but the two brands are still trading close to weekly and monthly highs.
Gold is trading sideways around $1,810. The metal is in wait-and-see mode, as investors monitor the pandemic and the Sino-US tensions.
In FX, the US dollar is trying to reverse previous losses, as investors are still looking for safe-havens to hedge against the uncertainty. The USD Index is up 0.03% to 96.070.
The euro has declined versus the greenback, down 0.04% to 1.406. Investors are waiting for the ECB meeting later today to assess the monetary policy and the interest rate decision.
The British pound has dropped over 0.20% against the USD and euro. The UK Office for National Statistics (ONS) reported robust labor market data a few minutes ago, which might support the sterling.
