In the commodity market, oil prices are declining on Monday as the number of COVID cases continues to surge globally and in the US, which is the world’s biggest oil consumer. WTI is down over 0.40%, and Brent has declined by over 0.30%. On larger timeframes, crude prices are trading close to the highest levels since the beginning of March, after closing the fifth straight bullish week.
Gold is gaining on US stimulus hopes. Gold futures are up 0.20% to $1,844.
In FX, the US dollar tries to recover from the year-to-date lows after extending losses on disappointing nonfarm payrolls data. The greenback is now up 0.12% to 90.802. Still, EUR/USD is up 0.05% to 1.2127. Both the European Central Bank and the US Federal Reserve will present their policy decisions later in the week.
The pound is down over 0.20% against both majors as there are no clear signals of a potential trade deal between the UK and the EU even after “the decisive week.”
