Dollar Edges Higher; Risk Events Prompt Safe Haven Demand

The dollar edged higher Monday, clinging to small gains as traders turn to the safe haven as doubts about the global economic recovery rise while Covid-19 cases surge.
At 3:55 AM ET (0755 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 90.787, not far removed from the one-month high of 90.860 seen earlier in the session.
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Oil Prices Drop On Stronger Dollar, COVID Resurgence

Oil prices dropped early on Monday as a stronger U.S. dollar and many countries still battling rising daily COVID-19 cases weighed on market sentiment at the start of the week.
As of 9:14 a.m. ET on Monday, WTI Crude prices were down by 0.15 percent at $52.30 and Brent Crude was trading down 0.29 percent at $54.97, with prices down by around $2 a barrel from the middle of last week.
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Gold Down Over Strengthening Dollar, Despite Expectations of More U.S. Stimulus
Gold was down on Monday morning in Asia, dropping to its lowest in one-and-a-half months over a strengthening dollar even as expectations of further U.S. stimulus measures mount.
Gold futures were up 0.14% at $1,827.40 by 11:12 PM ET (4:12 AM GMT), after falling to the lowest levels since Dec. 2, 2020 earlier in the session. The dollar was up on Monday.
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Gold Up, Shining Over Prospect of More COVID-19 Restrictive Measures
Gold was up on Monday morning in Asia, with a surge in global COVID-19 cases and the prospect of more countries imposing tighter restrictions giving the safe-haven asset a boost.
Gold futures jumped 1.67% at $1,926.70 by 11:49 PM ET (4:49 AM GMT), surpassing the $1,900 mark and seeing their highest level in eight weeks. The dollar, which usually moves inversely to gold, was down on Monday morning.
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Oil touches multi-month highs as OPEC+ expected to hold output steady
Oil prices touched multi-month highs on Monday on expectations OPEC and allied producers will hold off on increasing output in February and on hopes that vaccines may curb the spread of the novel coronavirus and drive an economic rebound.
Benchmark Brent crude futures reached $53.33 a barrel, their highest since March 2020, as prices rose in line with broader financial markets.
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Dollar Unloved as New Year Offers Recovery Optimism
The dollar weakened Monday, remaining friendless amid expectations that U.S. interest rates will remain low for a prolonged period while hopes grow for a global economic recovery as Covid-19 vaccines are rolled out.
At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.3% at 89.597, not far above a more than 2-1/2 year low of 89.515 made last week. The index dropped more than 7% last year, its first annual loss since 2017.
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Gold up Again on U.S. Stimulus Chase, Could Hit $1,900
Gold prices resumed their run higher, picking up from last week’s three-day rally, on signs that U.S. lawmakers were closing in on a fiscal deal to keep the government open and continue with paycheck protection for millions of Americans stressed by the Covid-19.
Gold for February delivery on New York’s Comex settled Monday’s trade up $26, or 1.4%, at $1,866 an ounce.
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Crude Oil Prices Fall as Focus Returns to Demand Worries


Crude oil prices fell on Monday as the market’s focus reverted to the demand outlook for next year after the Organization of Petroleum Exporting Countries and Russia tied up most of the questions hanging over supply issues at their meeting last week.

By 11:15 AM ET (1615 GMT), U.S. Crude futures were down 0.6% at $46.03 a barrel, while Brent futures, the international benchmark, were down 0.4% at $49.04 a barrel.
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Dollar Edges Higher as Rising Covid Cases Prompts Lockdowns


The dollar pushed higher in early European trade Monday, rebounding from multi-year lows as Covid-19 cases continue to mount and lockdowns expand, weighing on the U.S. economic recovery.

At 4:10 AM ET (0810 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.3% at 90.993, rebounding a touch having hit a 2 1/2-year low of 90.471 on Friday.
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Gold Down as Global Optimism Continues


Gold was down on Monday morning in Asia as investors are look toward a brighter future. While stocks have had a roaring November, gold is facing its worst month in four years.

Gold futures were down 0.81% at $1,773.70 by 12:01 PM ET (4:01 AM GMT). Gold rolled over to the Feb 21 contract on Nov 29.
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