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The dollar index (DXY00) decreased by 0.21% today, reaching a one-week low following dovish comments from Fed Governor Christopher Waller regarding interest rates and a bearish October Philadelphia Fed business outlook survey, which fell to -12.8—much lower than the expected 10.0. The euro rose to a one-week high amid political stability in France as Prime Minister Lecornu survived two no-confidence votes.
Against the yen, the dollar declined by 0.07%, while Japan reported a 0.4% decline in the August tertiary industry index, worse than the expected 0.2% drop. The U.S. markets anticipate a 98% chance of a -25 basis point rate cut at the next FOMC meeting set for October 28-29.
Gold and silver prices surged, with December gold rising by $77.30 to a new contract high fueled by safe-haven demand amid ongoing U.S.-China trade tensions and uncertainty stemming from the U.S. government shutdown. Gold holdings in ETFs reached a three-year high, reflecting increased investment interest.
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