Crude Oil Falls as U.S. Data Cast Doubt on Recovery
 
Crude oil prices weakened in early trade in New York on Thursday after data showed the rebound in the labor market levelling off, casting fresh doubt over the trajectory of U.S. fuel demand.
 
They remained toward the higher end of their recent range, however, underpinned by a drop of nearly 7.5 million barrels in U.S. crude inventories last week, the biggest weekly drop in more than six months.
 
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Dollar Pushes Higher, For Now; ECB, Jobless Claims Eyed
 
The U.S. dollar has recovered moderately in early European trade Thursday, reversing earlier losses, but the long-term prognosis for the greenback continues to look less healthy.
 
At 3:AM ET (0700 GMT), the ICE (NYSE:ICE) Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 96.135. EUR/USD dropped 0.1% to 1.1398, GBP/USD dropped 0.3% to 1.2544, and USD/JPY was flat at 106.92.
 
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Gold looks to tally first gain in 3 sessions as coronavirus cases continue to increase
 
Gold was back on the rise Monday, on track to tally its first gain in three sessions, with analysts tying support to a global rise in the number of COVID-19 cases and strong investment in gold-backed exchange-traded funds.
 
With ETF investment continuing to flow in, “uncertainty from expanding second wave of infections and U.S. [Treasurys] last week returning to the vicinity of the ‘panic highs’, we leave the bull camp with an edge,” analysts at Zaner Metals, wrote in a note Monday, adding that Friday marked an 11th straight daily inflow to gold-backed ETFs.
 
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Oil dips on surge in COVID-19 infections

 

Oil prices dropped on Monday on a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the United States while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.

 

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It’s U.S. Dollar Against the World in This Pandemic-Stricken Era

 

Already the world’s reserve currency, the dollar’s hold over the world of foreign exchange has grown even stronger amid the Covid-19 crisis.

The pandemic has served as a reminder that the greenback remains the haven of choice when uncertainty takes over, and how the U.S. currency moves -- regardless of direction -- is the single most important determinant of sentiment across asset classes these days.

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Gold prices extend climb to 9-year high as traders see few limits to central-bank stimulus
 
Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic.
 
The “pandemic, economic and political headlines, tariff tiffs,China worries,and relentless buying by [exchanged-traded fund] haven seekers,” said George Gero, managing director at RBC Wealth Management. The World Gold Council reported Tuesday that global net inflows to gold-backed ETFs reached $39.5 billion, topping the previous annual inflow record from 2016.
 
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Crude Oil Prices Drift Ahead of U.S. Inventory Data
 
Crude oil prices drifted within narrow ranges in early trade in New York on Wednesday, ahead of the release of U.S. government data on inventories for last week, which is due at 10:30 AM ET.
 
By 9:15 AM ET (1315 GMT), U.S. crude futures were up 0.1% at $40.64 a barrel, having briefly flirted again with the $40 level after the American Petroleum Institute surprisingly reported a build of 2.0 million barrels in U.S. crude stocks last week. Expectations had been for a modest draw.
 
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Dollar Edges Higher as Virus Cases Grow
 
The dollar edged higher in early European trade Wednesday, with the safe haven currency in demand as a resurgence of the coronavirus in the United States cast doubt over the strength of the economic rebound.
 
At 3:050 AM ET (0705 GMT), the dollar index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 96.873.
 
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Gold futures finish higher, near 1-week high

 

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. "Seeing as dealers are keen to take on more risk today, it is likely that gold's positive move is almost exclusively down to the weakness in the dollar," said David Madden, market analyst at CMC Markets UK. The ICE U.S. Dollar Index DXY, -0.43% was down 0.4% in Monday dealings, providing a boost to dollar-denominated gold prices. August gold GCQ20, +0.26% rose $3.50, or 0.2%, to settle at $1,793.50 an ounce. That was the highest settlement since June 30, when prices ended above $1,800 for the first time since September 2011.