Dollar Edges Higher; Veterans Day Limits Volumes
The dollar edged higher in early European trade Wednesday in thin volumes, as traders continued to digest the implications of Pfizer’s potential Covid-19 vaccine.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up just 0.04% at 92.775.
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Gold Rises as Investors Hedge
Gold was up slightly on Monday morning in Asia despite a stronger dollar. Investors are wary of a possible contested U.S. election, and further European COVID-19 lockdowns are also pushing the safe-haven metal.
Gold futures inched up 0.03% at $1,880.40 by 12:47 AM ET (4:47 AM GMT)
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Oil falls 4% on fuel demand concerns as Europe widens COVID-19 lockdowns
Oil prices fell 4% on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand and amid concerns about turbulence over this week's U.S. presidential election.
Brent crude futures (LCOc1) for January dropped $1.49, or 3.9%, to $36.45 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) futures (CLc1) fell $1.58, or 4.4%, to $34.21.
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Dollar Gains as Lockdowns Increase Ahead of U.S. Election


The dollar pushed higher in early European trade Monday, with more lockdowns in Europe on the back of the incessant rise in coronavirus cases and the uncertainty surrounding the U.S. election weighing on investor sentiment.

At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 94.142, after climbing 1.2% over the last week, its largest weekly percentage rise since late September.
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Gold Down Over Strong Dollar, Fading Hopes for U.S. Stimulus Measures


Gold was down on Wednesday morning in Asia over a strengthening dollar and fading hopes of the U.S. Congress passing the latest stimulus measures before the country’s presidential election.

Gold futures edged down 0.14% at $1,909.30 by 12:30 AM ET (4:30 AM GMT), remaining above the $1,900 mark. The dollar was up on Wednesday.
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Oil Tumbles 5% After Unexpected Surge in Crude Stockpile


Crude prices tumbled about 5% on Wednesday, falling below the key $40 per barrel support, after an unexpectedly large U.S. crude stockpile build for last week reported by the government reinforced concerns about depleting demand for fuel amid the worsening global outbreak of Covid-19.


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Dollar Gains; Safe Havens in Favor as Virus Surges
The dollar pushed higher in early European trade Wednesday, with traders turning away from riskier currencies given the current uncertainty surrounding the coronavirus pandemic as the U.S. presidential election draws near.
At 2:55 AM ET (0655 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 93.138. EUR/USD was down 0.2% at 1.1774, falling for the third consecutive session, while USD/JPY was down 0.2% at 104.19.
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Gold is a sea of stability as equities drop 2%, oil falls 3%
The gold market appears to represent a sea of stability Monday as prices hold above $1,900 an ounce while equity markets and oil prices see sharp declines.
The gold market is holding steady; December gold futures last traded at $1,906 an ounce, relatively unchanged on the day. However, the S&P 500 is down 2.5% on the day; meanwhile the Dow Jones Industrial Average is down 2.9% on the day. In commodity markets, oil prices are down more than 3%.
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Oil drops on rising virus cases, increasing Libyan output
Oil prices fell on Monday, extending last week's losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya's fast growing production also weighed on prices.
Brent (LCOc1) was down $1.08, or 2.6%, at $40.69 by 0934 GMT. U.S. West Texas Intermediate (WTI) dropped $1.05, or 2.6%, to $38.80. Both contracts fell almost 2.5% last week.
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Dollar firm as virus' spread and stimulus stalemate raise caution
The dollar found support on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress toward a U.S. stimulus package put traders in a cautious mood, although hopes for a Brexit trade deal held sterling steady.
Against a basket of currencies (=USD), the greenback trod water in the Asia session, after having fallen broadly last week. Against the risk-sensitive Australian dollar and against the euro it gained about 0.2%.
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