30 November 2020 Monday Morning Market Release
Overnight Reviews:
Gold: -1.30%
US Index: -0.27%
WTI Oil: 1.26%
EURUSD: 0.42%
Crude oil supported by market fundamentals
Crude oil held onto its gains above the $45 per barrel handles, where the latest support was coming from positive vaccine news. Investors continue to shift their portfolios from safe-haven markets into riskier assets such as stock and oil, with anticipation of a robust demand recovery. Investors are now waiting for the OPEC+ decision on their production cut plan, where the oil cartels may be reluctant to extend cuts if prices continue to recover to its pre-pandemic levels by the end of the year.
Gold bears dominated the market
Precious gold recorded a weekly loss of nearly $100, breaking below the crucial $1,800 support level. As gold trades near its five-months low, analysts anticipate a further decline in safe-haven demands as the market continues to cheer on the upbeat vaccine news. The safe-haven metal requires further loose policies and additional stimulus support to get back onto its bullish course. December’s central bank policy meetings will determine gold’s year-end’s direction.
DXY bearish pressure persists
Investors continue to sell off the safe-haven dollar as confidence towards an effective vaccine boosted market sentiment. The number of new Covid-19 infections are also slowing down recently, further easing market concerns of the pandemic’s potential damage. Up ahead, investors will focus on this week’s US jobs data, where the Federal Reserve previously stated that they would keep interest rate unchanged until maximum employment is achieved.
Main Events Today GMT +8
All Day OIL OPEC Meeting
18:00 EUR ECB President Lagarde Speaks
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