The US dollar rose against most currencies on Monday, after the White House decision to nominate Jerome Powell as Federal Reserve Chairman.

US President Joe Biden has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term, and also Lael Brainard to serve as the Fed’s vice chair.

Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

Recent data showed that the US inflation rate jumped to the highest level since 1990 at 6.2% in October.

Austrian government announced a $4,000 fine for those refusing to take the coronavirus vaccine starting in February.

The dollar index rose against a basket of major currencies by 0.5% to 96.5 points as of 19:49 GMT, after hitting a high of 96.5 points and a low of 96.04 points.

Gold prices fell on Monday, as the US dollar rose against most currencies, which weighs down on commodities and metals.

US President Joe Biden has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term, and also Lael Brainard to serve as the Fed’s vice chair.

Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

Austrian government announced a $4,000 fine for those refusing to take the coronavirus vaccine starting in February.

The dollar index rose against a basket of major currencies by 0.5% to 96.5 points as of 19:51 GMT, after hitting a high of 96.5 points and a low of 96.04 points.

Gold spot prices fell 2.5% to $1,804.1 an ounce as of 19:51 GMT, with a high of $1,850.4 and a low of $1,802.4.

Most of the US stock indices fell on Monday, and gave up early gains due to growing concerns over the coronavirus pandemic.

US President Joe Biden has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term, and also Lael Brainard to serve as the Fed’s vice chair.

Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

Austrian government announced a $4,000 fine for those refusing to take the coronavirus vaccine starting in February.

To the oil market, WTI crude December futures rose 1.1% or 81 cents, and closed at $76.75 a barrel.

Brent January futures rose rose 1% or 81 cents, and closed at $79.70 a barrel.

As for stocks, Dow Jones rose 0.1% or 13 points, and closed at 35,619, with a day high of 35,929, and a low of 35,615.

S&P 500 fell 0.3% 4,683, after hitting a high of 4,743 and a low of 4,682 points.

Nasdaq fell 1.3% or 202 points to 15,854, with a high of 16,212 and a low of 15,851 points.

Oil prices rose on Monday, despite the US dollar's rise against most of its peers, amid anticipation of OPEC-Plus meeting.

Bloomberg today cited sources in the White House that the US is preparing to tap its strategic oil reserves, and the Indian government is considering the same step as well.

In response, sources said that OPEC-Plus will study during the next week's meeting the impact of this step on its production plan.

The dollar index rose against a basket of major currencies by 0.4% to 96.4 points as of 17:57 GMT, after hitting a high of 96.4 points and a low of 96.04 points.

In terms of trading, US “NYMEX” crude futures for January delivery rose by 17:51 GMT by 0.6% to $76.4 a barrel.

As of 17:51 GMT, WTI crude December futures rose 0.6% to $76.4 a barrel.

Brent January futures rose 0.6% to $79.3 a barrel.