(096 November 2020)DAILY MARKET BRIEF 21:Gold continues its bullish
9 November 2020, 09:54
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In the commodity market, oil prices are also surging following Biden’s victory, after tumbling about 4% on Friday. Both WTI and Brent are up about 2.8%, trading at over $38 and $40.50, respectively. Crude prices are also benefiting from a weakening dollar. Still, worries about weak demand amid an increasing number of COVID cases persist. The number of cases topped 50 million globally.
Gold continues its bullish path on Monday, joining other markets that rally on Biden’s victory. The metal is up 0.50% to $1,961, hitting the highest since mid-September.
In FX, the US dollar is extending its decline against majors, after suffering the worst week since March. The USD Index is down 0.03% to 92.200, close to the lowest level in 10 weeks. Biden’s victory has buoyed trade-exposed currencies, as investors hope that a milder White House would support global commerce while Fed’s policy will keep easy. The Chinese Yuan rose in pair with the USD to the highest in 28 months. Elsewhere, NZD/USD increased to the highest in 19 months. EUR/USD is up 0.13% to 1.888.
The pound is up versus the dollar and slightly down against the euro as serious gaps remain in the trade talks between the UK and the EU.
Gold continues its bullish path on Monday, joining other markets that rally on Biden’s victory. The metal is up 0.50% to $1,961, hitting the highest since mid-September.
In FX, the US dollar is extending its decline against majors, after suffering the worst week since March. The USD Index is down 0.03% to 92.200, close to the lowest level in 10 weeks. Biden’s victory has buoyed trade-exposed currencies, as investors hope that a milder White House would support global commerce while Fed’s policy will keep easy. The Chinese Yuan rose in pair with the USD to the highest in 28 months. Elsewhere, NZD/USD increased to the highest in 19 months. EUR/USD is up 0.13% to 1.888.
The pound is up versus the dollar and slightly down against the euro as serious gaps remain in the trade talks between the UK and the EU.
By Strategy Desk
