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Dollar maintains gains during trading

Economies.com
2021-10-25 17:29PM UTC

The US dollar rose against most of its peers on Monday, as investors turned to various assets.

 

The market is awaiting major earning reports in the coming days, especially in the tech sector, led by Apple, Microsoft, Alphabet and Amazon.

 

Concerns over the pandemic are escalating due to the rising number of coronavirus infections in several countries such as Russia and the UK.

 

Federal Reserve members stated that the pandemic caused the retirement of 3 million US citizens.

 

Investors are worried about the return of lockdown restrictions and social distancing, which impact the performance of economies, which is apparent in the Russian government's decision to reimpose lockdown in some areas where the virus has spread.

 

The dollar index rose against a basket of major currencies by 0.2% to 93.8 points as of 17:18 GMT, after hitting a high of 93.9 points and a low of 93.4 points.

Gold rises above $1,800/ounce

Economies.com
2021-10-25 17:55PM UTC

Gold prices rose on Monday, and surpassed $1,800 despite the US dollar's rise against most of its peers.

 

The market is awaiting major earning reports in the coming days, especially in the tech sector, led by Apple, Microsoft, Alphabet and Amazon.

 

Concerns over the pandemic are escalating due to the rising number of coronavirus infections in several countries such as Russia and the UK.

 

Federal Reserve members stated that the pandemic caused the retirement of 3 million US citizens.

 

The dollar index rose against a basket of major currencies by 0.2% to 93.8 points as of 17:43 GMT, after hitting a high of 93.9 points and a low of 93.4 points.

 

Gold spot prices rose 0.6% to $1,807.9 an ounce as of 17:44 GMT, with a day high at $1,811.5, and a low at $1,793

Brent jumps to highest level since 2018, breaks $86 barrier

Economies.com
2021-10-25 16:05PM UTC

Oil prices rose on Monday, and hit the highest levels since 2018, as the global demand for crude recovered, and shrugged off a rising dollar.

 

Analysts expect a rise in oil demand during the winter season in Europe and the US, due to the need of heating fuel.

 

The Energy Information Administration reported last week an unexpected drop in US crude inventories.

 

The dollar index rose against a basket of major currencies by 0.2% to 93.7 points as of 15:53 GMT, after hitting a high of 93.9 points and a low of 93.4 points.

 

As of 15:49 GMT, WTI crude November futures rose 0.7% to the highest level since October 2014 at $84.4 a barrel.

 

Brent December futures rose 0.9% to the highest level since October 2018 at $86.3 a barrel.

Nickel drops, but remains above $20,000

Economies.com
2021-10-25 13:30PM UTC

Nickel prices fell on Monday, as the US dollar rose against most currencies, but the metal remains near its 7-year peak.

 

This came due to worries over the weak global nickel supply and the increasing demand from the steel industry, in addition to its usage in the manufacturing of electric car batteries.

 

Vale SA mining company had cut its nickel production forecast for this year due to a strike at its Canadian mine, while MMC Norilsk Nickel, the world's largest nickel producer reported a drop in its production during the third quarter.

 

The dollar index rose against a basket of major currencies by 0.2% to 93.8 points as of 13:18 GMT, after hitting a high of 93.9 points and a low of 93.4 points.

 

As of 13:28 GMT, nickel spot prices fell 0.7% to $20,364.7 per tonne.