Soybean prices rose on Thursday for the third straight session, as the US dollar fell against most currencies, and amid dry weather in some South American countries and strong demand from China.

Singapore-based analysts said China is actively buying soybean from the US and Brazil, while the latter is witnessing dry weather.

This comes as China wants to purchase more US farm goods in compliance with the phase-one of the trade deal between the two countries.

The dollar index fell against a basket of currencies by 0.9% to 92.5 points as of 21:16 GMT, after it hit a high of 93.5 and a low of 92.4.

Soybean January futures rose 1.6% to the highest level since July 2016 at $11.10 a bushel, with a day high of $11.12 and a low of $10.82.

The British pound rose against the US dollar on Wednesday, after the Bank of England's decision to expand the stimulus program to support the British economy from the coronavirus impact.

The Bank of England unveiled its rate decision to keep interest rates at 0.10% unchanged, which was widely expected in the market, within its aims to support the British economy from the coronavirus impact.

The Bank of England also decided to expand the Asset Purchase Programme to £895 billion from £745 billion, beating expectations of holding it unchanged.

As the UK is fighting another outbreak of the coronavirus, the British government had decided to re-impose lockdown restrictions for 4 weeks to curb the coronavirus spread, this comes in tandem with a no-deal Brexit crisis.

As of 21:04 GMT, GBP/USD rose 1.2% to 1.3148, after hitting a day high of 1.3149, and a low of 1.2933.

Federal Reserve Chairman Jerome Powell stated that the US economy needs further fiscal support from Congress to face the coronavirus crisis.

Powell added during a press conference that the Fed hasn't run out of monetary policy tools, but the economy still needs extra support.

This came after the bank decided to hold the interest rate unchanged between zero and 0.25%.

Oil prices fell on Thursday, despite the US dollar's drop against most currencies amid uncertainty over the US presidential election results.

The US Energy Information Administration (EIA) showed today that the US crude inventories fell by around 8 million barrels, beating analysts' forecasts.

The results of the US presidential election have not yet been announced, however, most projections show Joe Biden has a greater chance of winning the presidency from Donald Trump.

The dollar index fell against a basket of currencies by 0.9% to 92.5 points as of 18:31 GMT, after it hit a high of 93.5 and a low of 92.4.

As of 18:28 GMT, WTI crude December futures fell 0.7% to $38.8 a barrel, after hitting a high of $39.3 and a low of $38.2.

Brent December futures fell 0.5% to $41 a barrel, after hitting a high of $41.5 and a low of $40.3.