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The dollar index (DXY00) fell by 0.47% on Thursday, reaching a 1-week low. Fed Governor Christopher Waller indicated that the Federal Reserve may continue to lower interest rates to support a struggling labor market. Additionally, the October Philadelphia Fed business outlook survey dropped to a 6-month low of -12.8, significantly below expectations of 10.0.
The ongoing U.S. government shutdown is contributing to bearish sentiment around the dollar, with concerns that it may harm the economy further. EUR/USD rose by 0.39% due to easing political risks in France after Prime Minister Lecornu survived two no-confidence votes.
Gold prices surged, with December COMEX gold closing up $103.00 (+2.45%) and reaching a new contract high, as safe-haven demand increased amid escalating U.S.-China trade tensions and the ongoing government shutdown. Gold holdings in ETFs have risen to a 3-year high, highlighting increased investor interest in precious metals.
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