Dollar, Stock Futures Steady as Investors Monitor Trump's Health

Dollar

The dollar index, which measures the greenback against a basket of major currencies, continued to trade in a tight trading range slightly below the 94 level, as investors awaited fresh information on Trump's health. Trump and the US first lady tested covid19 positive last week, weighing on investors' risk appetite. The president is trying to show that he is in good health, by filming videos and lastly going out in a motorcade waving at his supporters. Market participants will also focus on the economic releases to come this week, among them the ISM non-manufacturing PMI to grab insight on the economic recovery, and the minutes of the last Federal Open Market Committee meeting.

Equities

Major US stock index futures inched higher during the first hours of the trading week supported by optimism over Trump's health status. The president calmed investors woes by appearing outside the hospital with a motorcade. However, it is still too early to assume how this will end, and headlines about Trump's health will affect the market. The Dow Jones Industrial Average futures hovered above 27700, the S&P500 futures held steady above 3350, and Nasdaq futures fluctuated around 11300.

Metals

Gold prices started the week on a softer note as US yields edged higher. The US 10-year yields shed higher to $0.714, up around 1.2%. Meanwhile, the price of a gold ounce drifted lower to $1887, the price of a silver ounce held steady near $23.70, and palladium futures fell to $2302.

Oil

Oil prices inched higher amid optimism over Trump's health. Doctors suggested that Trump could be leaving the military hospital on Monday, easing investors woes on the possible impact of Trump's sickness on the market. The West Texas Intermediate crude November delivery rallied to $38.15, and Brent blend December delivery rose to $40.29.

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