In the commodity market, oil prices have surged to the highest level since March, following the vaccines news and the US presidential transition. Both Brent and WTI have gained over 1.1%. Brent is now trading above $46.5.
Meanwhile, gold has tumbled to the lowest level in four months on the vaccine news. The metal is down 0.70% to $1,826.
In FX, the US dollar saw a steep surge following the upbeat business activity data and Trump’s decision to let Biden take the helm. However, the greenback gave up some of those gains as the vaccine news is favoring risk assets. The USD Index is now down 0.13% to 92.373. EUR/USD is up 0.14% to 1.1856.
The pound is surging on cautious Brexit optimism after finance minister Rishi Sunak said in the weekend that a deal was possible. Still, the sterling has departed from session highs on worries about low rates. GBP/USD is up 0.10%.
