US Stock Futures Pare Losses in Early Trade; Dollar Eases

US Stock Futures Pare Losses in Early Trade; Dollar Eases


Major US stock-index futures started the week on a stronger note, recovering from losses incurred on Friday. Last week, the Fed's declaration of buying corporate bonds and better-than-expected economic figures enhanced risk sentiment. However, the increasing coronavirus cases weighed in, raising questions over the economic recovery and whether the government is considering to suspend activity again. The Dow Jones Industrial Average future rose to 25775, the S&P500 futures edged higher to 3088, and Nasdaq futures rallied to 10013.


The dollar index, which measures the greenback against a basket of major currencies, drifted lower to 97.39 erasing gains earned from risk-off flows. Investors seem a little optimistic, driving safe-currencies lower against riskier currencies. The EURUSD rose to $1.1212, the GBPUSD recovered to $1.2427, and the risk-sensitive AUDUSD soared to $0.6886.


Precious metals prices edged higher as the dollar weakened. The price of a gold ounce shot higher to $1758, the highest level since the 18th of May, the price of a silver ounce rose to $17.99, while palladium futures held steady near $1920.


Oil prices held gains awaiting fresh fundamental prices. Energy prices are getting a lift lately from the recovering demand. However, the rising coronavirus cases are alarming, and investors are afraid that the global economy will take another hit. The West Texas Intermediate crude August delivery hovered around $39.90, and Brent Blend August delivery held steady near $42.30.

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