The dollar index is up by 0.32% today after the Trump administration signaled openness to a trade deal with China, easing tensions. The ongoing US government shutdown is bearish for the dollar, with a longer shutdown potentially harming the economy.

Markets are pricing in a 97% chance of a rate cut at the next FOMC meeting. EUR/USD is down by 0.46%, pressured by a stronger dollar and political uncertainty in France. Germany’s wholesale price index rose 1.2% y/y, the fastest in six months.

Swaps indicate a 2% chance of an ECB rate cut. USD/JPY is up by 0.78%, with the yen under pressure from a stronger dollar and reduced safe-haven demand due to a rebound in US equities. Concerns over Japan’s new Prime Minister are impacting the yen.

Precious metals are surging, with gold and silver reaching new highs as trade tensions with China and the US shutdown drive demand. Gold ETF holdings are at a 3-year high. China’s strong export and import data also support precious metals prices.

Read more at Yahoo Finance: Dollar Recovers and Precious Metals Soar