In the commodity market, oil prices are declining but are set to end the week higher. WTI slumped by almost 1.5% to $40.53, and Brent fell 1.10% to $43. Crude prices are under pressure amid fears of a slow economic recovery and weakening demand caused by the resurgence of the pandemic. Also, the US government data showed that crude inventories rose 4.3 million barrels last week, while analysts expected a decline by 913,000 barrels.
Gold continues to benefit from its safe-haven status amid worsening coronavirus conditions worldwide, but the metal is about to end the week lower due to a steep decline on Monday following Pfizer’s announcement. Gold is now up 0.24% to $1,877.
In FX, the US dollar is moving sideways against majors and is up 0.04% versus the euro. The bloc’s currency has lost some ground after the European Central Bank expressed its support for further quantitative easing. The USD Index is fluctuating near 92.950.
The pound shows recovery attempts after tumbling about 1% versus the euro and the greenback on the back of disappointing GDP data for September and the third quarter.
Gold continues to benefit from its safe-haven status amid worsening coronavirus conditions worldwide, but the metal is about to end the week lower due to a steep decline on Monday following Pfizer’s announcement. Gold is now up 0.24% to $1,877.
In FX, the US dollar is moving sideways against majors and is up 0.04% versus the euro. The bloc’s currency has lost some ground after the European Central Bank expressed its support for further quantitative easing. The USD Index is fluctuating near 92.950.
The pound shows recovery attempts after tumbling about 1% versus the euro and the greenback on the back of disappointing GDP data for September and the third quarter.
By Strategy Desk
