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Forex Today: Gold and silver fall to 6-month lows

Forex Today: Gold and silver fall to 6-month lows

The US dollar remains strong, but risk appetite improves slightly with the conclusion of a deal that avoids the need for an imminent US government shutdown.

➡️ Most commodities are trading lower in the current risk-off environment, with gold and silver  falling sharply to new 6-month low prices.

➡️ In the Forex market, the US dollar remains the strongest major currency as the US dollar index continues to rise after breaking above the previous key resistance level last week at 105.36. The Japanese yen is the weakest major currency and  the USD/JPY currency pair  it just hit a new 11-month high at ¥149.82. Since the weekly open in Asia, the Euro has been the strongest major currency, while the Australian Dollar has been the weakest. Trend traders  in the Forex market they will be more interested in being Long USD/JPY and Short on  EUR/USD  as these are the two major dollar pairs that historically tend to trend most reliably.

➡️ Stock markets are seeing a slight recovery in most regions, likely due to news released over the weekend that a planned US government shutdown was averted after Democrats and Republicans reached an agreement.

➡️ US ISM Manufacturing PMI data will be released today, which could impact the USD. Additionally, Fed Chair Powell will speak publicly later, but is not expected to say anything material.

➡️ Today is a public holiday in Canada. It is a public holiday in China for the whole week.

 

Credit by DailyForex.com

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