In the commodity market, oil prices are declining for a third consecutive session, as investors react to concerns over the new COVID strain that may trigger more lockdowns and thus affect demand for crude. Besides this, the American Petroleum Institute (API) reported that crude inventories increased by 2.7 million barrels last week, while analysts expected a decline of 3.2 million barrels. Trump’s threats that he wouldn’t sign the new stimulus bill are putting additional pressure on crude prices, which had dropped about 1.50% so far. The prices have declined by almost 6% during the last three sessions.
Gold is losing earlier gains on the comments made by Trump. The metal has lost 0.14% to $1,867.
In FX, the US dollar is dragged down again by downbeat economic data despite the high demand for safe havens amid fresh COVID fears. The USD Index is currently down 0.20% to 90.368. EUR/USD is up 0.19% to 1.2186.
The pound is increasing against both majors, as Britain and the European Union are making a final push for a trade deal. Fisheries still remain a key obstacle that may threaten the deal.
By Strategy Desk
