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The dollar index (DXY) rose by 0.11% on Tuesday, driven by short covering ahead of the two-day FOMC meeting concluding Wednesday. The October JOLTS job openings unexpectedly increased by 12,000, reaching a five-month high of 7.670 million, indicating a stronger labor market than the anticipated decline to 7.117 million. Markets are currently pricing in a 90% chance of a 25 basis point cut to the federal funds target range by the FOMC meeting’s end.
U.S. September leading indicators fell by 0.3% month-over-month, meeting expectations. Additionally, EUR/USD decreased by 0.05% due to dollar strength amid weaker-than-expected German trade reports, with October exports up only 0.1% (expected 0.2%) and imports down 1.2% (expected down 0.5%). Meanwhile, USD/JPY increased by 0.60%, influenced by comments from BOJ Governor Ueda regarding the pace of long-term Japanese bond yields.
February COMEX gold closed up $18.50 at $4,181.40 per ounce, while March COMEX silver gained $2.435, rising 4.17%. Silver demand is particularly high, with inventories in Shanghai Futures Exchange warehouses falling to their lowest level in 10 years at 519,000 kilograms. Central bank demand for gold remains robust, as China’s PBOC reserves increased by 30,000 ounces in November, totaling 74.1 million ounces.
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