US Stock Futures Continue Race Higher, Dollar Holds Steady

US Stock Futures Continue Race Higher, Dollar Holds Steady


Major US stock index futures started the week on a strong note continuing Friday's sharp rebound. The rally has been fueled by the rebound in tech stocks, where Nasdaq was able to snap a three-week losing streak. Market participants are hoping that Democrats and Republicans can manage to agree on a bill to support the economy ahead of the elections, as fears of Covid19 resurgence affected sentiment. The Dow Jones Industrial Average futures rose to 27312, the S&P500 futures advanced to 3316, and Nasdaq futures soared to 11238.


The dollar index, which measures the greenback against a basket of major currencies, eased slightly to 94.47 following last week's excellent rally. The dollar gained on the back of falling European currencies as the growing number of Covid19 cases in the continent fired concerns over the economic recovery. However, the pickup in risk sentiment lessened the demand for dollar safety. The EURUSD inched higher to $1.1639, the GBPUSD rallied to $1.2799, and the AUDUSD recovered to $0.7062.


Precious metals prices continued to trade in a tight range awaiting fresh fundamental drivers. The price of a gold ounce hovered around $1860, the price of a silver ounce held steady near $22.70, and palladium futures were flat near $2230.


Oil prices remained under pressure as the COVID19 resurgence raised woes over the oil-demand levels. Oil producers are worried that a disruption to the ongoing economic recovery would weigh negatively on oil demand. Last week, a series of economic data from the United States and Europe signaled for a slowdown in the recovery. The West Texas Intermediate crude November delivery held steady near $40, and Brent blend November delivery traded near $41.70.

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