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Dollar Stretches Gains on Risk-Off Sentiment

USD

The dollar index, which measures the greenback against a basket of major currencies, extended an upside rally, rising to a one-month high of 94.26, testing the 100-day simple moving average. The rising coronavirus cases around the world, which urged governments to restore lockdown measures, triggered the flow to safe havens. On the other hand, investors are growing a bit more cautious as we come closer to election day. The EURUSD dipped to 1.1625, the GBPUSD declined to 1.2862, and the USDJPY rallied to 104.93.

Equities

Major stock benchmarks started the week on a softer note as the soaring covid19 cases continued to weigh on the economic outlook. Boris Johnson announced lockdown measures, following the steps of other European countries. Investors are weighing-in the impact of these measures on global economic activity. On the other hand, the US election is adding more uncertainty to the market. The Dow Jones Industrial Average futures hovered near 26450, the S&P500 futures held steady near 3265, while Nasdaq futures inched higher to 11100.

Metals

Precious metals prices rebounded slightly as investors look for safety. The price of a gold ounce rose to $1,886, the price of a silver ounce rallied to $24.03, and palladium futures recovered to $2240.

Oil

Oil prices added to losses as the lockdown measures implemented by the European countries pressured markets. Investors are afraid that the recent measures, would disrupt the oil market recovery and urge for immediate action from top producers. The West Texas Intermediate crude December delivery traded near $34.60, and Brent Blend January delivery held steady below $37.

Major Economic Events

GMT Country Event Expectation Previous

9:30

UK

 Manufacturing PMI (Oct)

53.3

53.3

15:00

US

 ISM Manufacturing PMI (Oct)

55.8

55.4

 

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