A surprise increase in initial jobless claims 上 Thursday should serve as a stark reminder to Congress that the labor market recovery is very vulnerable and 在 a critical juncture as mounting lockdowns will force many businesses to close. Over 20 million Americans are still receiving some type of benefits, and with the lockdowns just starting to take place, the labor market should be prepared for that figure to trend higher over the next several weeks. Congress will take action 上ce unemployment claims start showing significant increases across the hardest-hit states.
油 prices are weighed down from a strong dollar that stemmed from mounting Covid lockdowns and oversupply concerns grew after the 阿联酋 raised doubts that the OPEC+ meeting in two weeks will not be easy. In addition to the 阿联酋 resistance for delaying production output increases, Libya’s output continues to increase sharply. All the vaccine optimism is bullish for oil prices in 2021, but the current situation will cap WTI crude until the virus spread in the US peaks, which might not be until mid-December.
金 prices declined for a third consecutive day as the dollar staged a comeback. Lockdowns will be the theme in the US throughout the holiday season and that will drive a modest rally for the greenback. 金 has softened towards the lower boundaries of its recent trading range and could be vulnerable to a break of the USD1850 level if the dollar continues to rebound. 金’s weakness should be short-lived, but if bearish momentum persists, the USD1800 level should prove very 在tractive for long-term investors.
金’s longer-term bullish remains intact as unprecedented stimulus will still have a debasement effect 上 the dollar and 上ce the global recovery accelerates inflationary pressures will arise. 金 demand should also improve from Asia and that should provide underlying support throughout the holidays.
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