The dollar was down on Friday morning in Asia, caged into a narrow trading range as investors await a U.S. Federal Reserve meeting in the following week.
Gold was up on Friday morning in Asia and was set to record a third consecutive weekly gain, as the dollar weakened and U.S. Treasury yields fell.
Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India’s raging second wave of COVID-19 cases kept a lid on gains.
U.S. stocks dived on Thursday on reports President Joe Biden planned to almost double the capital gains tax, but analysts said the news was an excuse to take profits in a listless market ahead of big tech’s earnings next week.
Asian shares rose on Friday after the European Central Bank left policy unchanged, extending a rebound following a sharp selloff earlier in the week, but gains were capped as investors considered the impact of a possible U.S. capital gains tax hike.
Analysis of key markets.