Global rally gains steam after Biden, Harris victory speeches

The Dollar weakening continues currently The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.4% Friday despite better than expected October nonfarm payrolls data. Labor Department reported nonfarm payrolls increased by 638,000 when creation of 595,000 new jobs was expected, and the unemployment rate fell to 6.9% from 7.9%. Both EUR/USD and GBP/USD continued gaining Friday despite German industrial production growth of 1.6% over month in September was below an expected 2.6% increase, according to German statistics bureau Destatis . Both Euro and Pound are higher currently. AUD/USD joined USD/JPY’s continued retreating Friday with the dynamics reversed for both pairs currently.

Futures on US equity benchmarks are up currently ahead of Federal Open Market Committee voting member Loretta Mester speech at 22:30 CET today. The three main US stock indexes recorded returns ranging from -0.2% to 0.4% on Friday. European stock indexes are rebounding currently after a bearish session Friday led by auto shares on reports of new partial and national lockdowns in Italy and Greece respectively as Covid-19 spreads in Europe. Asian indexes are rising today led by Nikkei .

Brent is edging higher today on reports the Organization of the Petroleum Exporting Countries and major producers including Russia, a group known as OPEC+, could delay bringing back 2 million barrels per day of crude oil output in January in light of new lockdowns. Oil prices ended down last session. The US oil benchmark West Texas Intermediate (WTI) futures are higher currently after WTI dropped 4.25% Friday. Brent crude lost 3.62% to $39.45 a barrel on Friday.

Gold prices are extending gains today. Spot gold added 0.2% to $1952.19 an ounce on Friday.