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The US Dollar Posts Largest One-Day Gain in July, Gold and Silver Plunge Weighing on Commodities-linked Currencies
BlockBeats News, January 31, Friday: The US dollar surged significantly, marking its largest single-day gain since July, as the plummet in gold and silver prices weighed on currency exchange rates from the Australian Dollar to the Swiss Franc. The US Dollar Index (DXY) ended the tumultuous month with a gain of around 0.9%.
During this period, the index experienced significant volatility due to Trump's policies. The dollar's Friday rebound was supported by the fall in precious metal prices and the impact of Trump's selection of Wash as the Fed chair. However, the index still fell by about 1.4% in January, making it the worst-performing month since August.
"Overall, market sentiment is quite tense," said Catherine Brooks, research director at XTB. "The dollar depreciation trade has currently been put on hold, but that doesn't mean the trade is over." The Australian Dollar, Swiss Franc, and Swedish Krona (currencies affected by precious metal prices) led the G10 currencies lower. Silver saw its largest single-day price drop ever, while gold experienced its largest drop since the early 1980s, ending the previous uptrend. (FXStreet)
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