US dollar
The dollar edged higher in early European trade Friday, heading for its best week of the month as rising coronavirus cases prompt nervous traders to seek out this safe haven.
The prime driver of this move back into the dollar has been the spike in Covid-19 cases on both sides of the Atlantic, triggering fears of fresh lockdowns and worries over the detrimental impact on economic recovery.
EUR/USD was down 0.1% at 1.1697, down over 1% this week, while USD/JPY was down 0.1% at 105.30. GBP/USD dropped 0.2% to 1.2885, 1.2% lower this week after suffering heavy selling overnight.
Oil prices weakened Friday amid continued concerns about stagnating demand as a spike in Covid-19 cases in Europe and the United States hits economic activity in two of the world’s biggest fuel consuming regions.
Gold was down on Friday but near the $1,900 mark, even as the number of COVID-19 cases surged and the ongoing stalemate in the U.S. Congress over a COVID-19 package continues to fuel a flight to safety.
In the EU session, the final version of the Eurozone consumer inflation figures come at 09:00 GMT. Later in the NA session, the release of the US monthly Retail Sales comes at 12:30 GMT. The US economic docket also features the release of Industrial Production data and the preliminary estimate of the October Michigan Consumer Sentiment Index.