In the commodity market, oil prices have declined after China’s GDP data failed to match forecasts. Still, the larger timeframes show that gold has been moving sideways since the end of June. Investors are worried about weakening crude demand dragged down by the COVID crisis. Both WTI and Brent futures are down over 0.30% at the moment.
Gold futures are up 0.12% to $1,909 on cautious stim
ulus hopes. Pelosi said that the deadline for another stimulus bill to get the nod from Congress is Tuesday.
In FX, the US dollar has recovered amid the stimulus uncertainty and on the back of accelerating number of new COVID cases in Europe and some parts of the US. The USD Index is up 0.05% to 93.722, and EUR/USD is down 0.06% to 1.1711.
The British pound is up over 0.15% against the euro and the US dollar amid hopes that the UK and the EU would reach some consensus. After UK Prime Minister Boris Johnson said on Friday that the EU should be ready for a no-deal divorce, his senior ministers admitted the door is still open for a deal if Europe can accept some compromise. EU and UK chief negotiators Michel Barnier and David Frost will have a phone conversation later today.
