In the commodity market, oil prices are declining slightly after the American Petroleum Institute (API) reported a bigger-than-expected increase in US crude inventories, while disappointing retail sales data put additional pressure. Still, the decline in prices is capped by hopes that OPEC+ would continue the production cut after the next deadline. Currently, WTI is down 0.40%, and Brent has lost 0.14%. API said that US crude stockpiles rose by 4.2 million barrels last week, while analysts expected a build of only 1.7 million barrels.
Gold is declining following the vaccine euphoria, but the precious metal finds support amid a surging number of COVID infections and struggling economies. Gold futures have declined 0.37% to $1,878.
In FX, the US dollar extended losses after retail sales data. The USD Index fell 0.04% to 92.358, while EUR/USD rose 0.10% to 1.1871.
The Japanese yen has recovered against the greenback and other majors as it leverages its safe-haven capabilities. One dollar now buys over 104 yens.
The pound is up versus the USD and down versus euro as Brexit talks continue during this decisive week.
