The dollar was up on Monday morning in Asia. Risk currencies remained above their recent lows against both the U.S. currency and the yen as investor fears of a slowdown in the global economic recovery from COVID-19 calmed down for now.
Oil prices were little changed in early Asian trade on Monday as an impasse in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy.
Asian shares were enjoying a relief rally on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week.
Gold is heading for a third weekly advance, with the haven metal gaining on anxiety about the spread of Covid-19 variants and the prospect of prolonged dovish monetary policy.
The dollar is winning over some of its detractors who have been pushed off the bearish bandwagon after the Federal Reserve’s hawkish tilt started the countdown on policy tightening much earlier than expected.
Oil was down Friday morning in Asia even as data released on Thursday said U.S. fuel inventories fell and demand surged as economic recovery drove consumption.