In the commodity market, oil prices continue to rally after data from the US Energy Information Administration (EIA) suggested a draw of 754,000 barrels in crude supply last week, while analysts anticipated a build of 127,000 barrels. Both Brent and WTI have gained almost 0.50%, trading at the highest levels since the beginning of March.
Gold is also somewhat bullish on Thursday, as investors turn to safe havens amid disappointing labor market data in the US, surging COVID cases, and declining stocks. The metal is up 0.13% to $1,807, still close to the lowest level since July, after tumbling on vaccines news.
In FX, the US dollar has declined on weak economic data from the US. The USD Index is down 0.12% to 91.855, close to the lowest level since April 2018. EUR/USD is up 0.21% to 1.1938, the highest since the end of August.
The British pound declines versus the euro, though it is increasing against a weakening greenback. European Commission president Ursula von der Leyen admitted there was progress made in the Brexit talks, but she said a no-deal was still possible and the EU was prepared for that. She said that the next days would be decisive. Meanwhile, the UK’s Office for Budget Responsibility said that a no-deal Brexit could cost the UK 2% of its GDP, which will come on top of the damage caused by the pandemic.
