n the commodity market, oil prices continue the bullish stance amid vaccine hopes and expectations that OPEC+ will maintain the production cuts after January. Both Brent and WTI increased by more than half of a percent, trading at $41.57 and $44.11, respectively. Oil prices have gained about 23% since the beginning of last week, driven by hopes that the efficient vaccines would support economic recovery and thus a rise in demand for crude.
Gold is down on Tuesday morning, as investors focus on equities amid the vaccine euphoria. The metal has declined by 0.11% to $1,885.
In FX, the US dollar has declined as investors are not interested in safe-havens right now given the vaccine optimism. Also, the greenback is reacting to the acceleration of COVID cases in the US, which lead to more restrictive measures. Besides this, worries about a peaceful transfer of power from President Donald Trump to Joe Biden don’t bode well for the American currency. The USD Index fell 0.12% to 92.523. EUR/USD is up 0.03% to 1.1856.
The British pound is bullish against both majors as Brexit talks have reached their decisive week.
