In the commodity market, oil prices have declined on Friday, but continue to trade sideways on weekly and monthly charts. Investor sentiment was damaged by yet another surge in coronavirus infections in Europe and the US, which will affect crude demand. The stronger US dollar doesn’t bode well for oil prices either. Both WTI and Brent brands have lost over 1% today.
Despite an increased interest for safe havens amid the worsening pandemic, gold is down on Friday, though it still maintains above $1,900. The metal has dropped 0.08% to $1,907.
The US dollar maintains the bullish stance and is set to end the week higher against majors. The USD Index is now up 0.01% to 93.862 after surging 0.50% yesterday. EUR/USD is down 0.08% to 1.1698, updating the October low. The European currency is under pressure amid the Brexit impasse. So is the British pound, which fell about 0.20% against both majors as EU leaders are asking the UK for more concessions to reach a deal. The UK’s deadline for a Brexit deal expired yesterday, but the EU is ready to extend it until January 1, 2021.
