In the commodity market, oil prices are declining on fears of tighter coronavirus restrictions in the US and Europe. Also, OPEC expects a slower recovery in demand in 2021. WTI and Brent are both down 0.74%. London required bars and restaurants to close, as the rate of infections is accelerating.
Gold is bullish as investors focus on the surging COVID cases rather than the vaccine rollout in the US, the UK, and Canada. Gold futures have gained over 0.60% to $1,843.
In FX, the US dollar continues to decline, as investors assess the stimulus talks progress. The USD Index is down 0.03% to 90.618. EUR/USD is up 0.07% to 1.2151.
The pound is increasing against both majors following the comments made by EU’s chief Brexit negotiator Michel Barnier, who said that a trade deal was still possible. Negotiations continue even after another deadline expired on Sunday, but officials on both sides hinted that a no-deal was more likely.
By Strategy Desk
