Oil prices extended declines on Monday (NASDAQ:MNDY) as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer.
The dollar started in a cautious mood on Monday (NASDAQ:MNDY) as markets braced for U.S. inflation data and a throng of Federal Reserve speakers this week, while the yuan nursed a hangover from Beijing's latest underwhelming stimulus package.
Most Asian stocks rose on Friday, tracking strength in Wall Street after the Federal Reserve cut interest rates as expected, while anticipation of more fiscal stimulus in China also buoyed local markets.
The number of Americans filing new applications for unemployment benefits rose slightly last week, suggesting no material change in the labor market and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October.
Oil prices fell slightly in Asian trade on Friday, but were set for a positive weekly performance after the OPEC+ delayed plans to increase production, while the prospect of more U.S. supply disruptions also helped.
The dollar took a breather on Friday, on track to cap off a wild week with a slight gain as markets weighed the impact of Donald Trump's impending return to the White House and what that would mean for the U.S. economy and its rate outlook.