(28 December 2020)DAILY MARKET BRIEF 2: WTI is down


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In Europe, the UK and the EU finally signed a trade deal last week after months of debate. The text was published on Saturday. It includes a 1,246-page trade document, along with agreements on nuclear energy, civil nuclear energy, exchanging classified information, and more.

In the commodity market, oil prices are somewhat bearish as investors are worried about fuel demand amid the worsening pandemic, especially after the UK confirmed that it had two new COVID strains that were more infectious. Still, the decline in oil prices is capped by optimism surrounding the latest stimulus package signed by Trump. WTI is down 0.37%, and Brent has lost 0.47%.

Gold is increasing on the back of the stimulus bill signed by Trump. Still, the metal is retreating from session highs. Gold futures have gained 0.25% to $1,889.

In FX, the US dollar is losing ground as the relief bill signed by Trump is support risk assets. The USD Index is down 0.24% to 90.030. EUR/USD is up 0.15% to 1.2222.

The pound maintains the bullish stance on the Brexit trade deal, although it is declining versus the euro.

Credit: MQL5: Traders’ Blogs RSS Feed

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