The dollar index (DXY) is up 0.29% today, reaching a three-month high amid a slump in equity markets, which has increased liquidity demand for the dollar. Market expectations indicate a 70% probability that the Federal Reserve will cut the fed funds target range by 25 basis points at the upcoming FOMC meeting on December 9-10.
Total vehicle sales in the U.S. for October declined to 15.32 million, below expectations of 15.50 million, marking the lowest sales in 14 months. As a result, EUR/USD dropped by 0.34%, hitting a three-month low, largely due to the dollar’s strength. In contrast, USD/JPY fell by 0.48%, as Japanese authorities signal potential intervention to support the yen, which has hit an 8.5-month low.
Gold prices for December are down 1.36%, with silver falling by 2.21%, influenced by the stronger dollar and lower demand for industrial metals. The ongoing U.S. government shutdown and geopolitical risks continue to provide underlying safe-haven support for precious metals.
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