In the commodity market, oil prices are bullish on Thursday but moving sideways on larger timeframes. The crude is leveraging investor hopes that the rollout of COVID vaccines would push economic recovery. The US is expected to approve the first vaccine candidate later this week. WTI is up 0.33%, and Brent has gained 0.20%. The intraday rally is capped by a huge build in oil inventories for last week, as reported by the Energy Information Administration, while analysts expected a draw.
Gold is increasing slightly amid the general uncertainty surrounding the US stimulus. The UK reported at least two cases of anaphylaxis that came after the injection of the vaccine developed by Pfizer, which had been approved a few days ago. The UK health regulator warned that those with a history of anaphylaxis shouldn’t get the vaccine. Gold futures are up 0.05% to $1.839.
In FX, the US dollar is moving sideways but under pressure, with the USD Index trading at 91.062. EUR/USD is up 0.07% to 1.2090.
The sterling has tumbled over 0.30% against the greenback and 0.45% versus the euro after the face-to-face meeting between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen didn’t narrow the gaps in the Brexit talks. The two decided the next final deadline to be this Sunday.
By Strategy Desk
