The dollar index is up by +0.18% today due to easing global trade tensions. The US and South Korea finalized a trade deal worth $150 billion in shipbuilding investments. President Trump expects to lower tariffs on Chinese goods over the fentanyl crisis. Markets anticipate a -25 bp rate cut by the FOMC today and another cut in December.

EUR/USD is down by -0.09% today, influenced by the strength of the dollar. Swaps predict a 1% chance of a -25 bp rate cut by the ECB. USD/JPY is down by -0.07% as the yen climbs to a 1-week high against the dollar. Japan’s Oct consumer confidence index rose to a 10-month high, supporting the yen.

December COMEX gold and silver prices are up today, recovering from recent losses. Precious metals prices are higher due to expectations of an FOMC rate cut and the possibility of ending quantitative tightening. Factors such as the US government shutdown and geopolitical risks also support precious metals prices.

Long liquidation pressures and reduced safe-haven demand have weighed on precious metals prices this week. ETF outflows and lower holdings in gold and silver ETFs have contributed to the pressure on precious metals prices.

Read more at Yahoo Finance: Dollar Climbs as Global Trade Tensions Ease