The dollar index is up by 0.20% as short covering boosts it ahead of the 2-day FOMC meeting. US Oct JOLTS job openings unexpectedly rose to a 5-month high, supporting a potential 25 bp rate cut by the Fed. Trump is expected to announce the new Fed Chair choice in early 2026, with Hassett seen as a dovish candidate.

EUR/USD is down by 0.11% due to the dollar’s strength and weak German trade news. German Oct exports rose 0.1%, lower than expected, while imports fell by 1.2%. The ECB is unlikely to cut rates by 25 bp at the December meeting. USD/JPY is up by 0.53% as the yen falls to a 2-week low against the dollar.

Gold and silver prices are up as short covering occurs before the FOMC meeting. Precious metals also get a boost from BOJ Governor Ueda’s comments on bond yields. However, the stronger dollar and higher T-note yields limit gains. Precious metals are supported by expectations of a Fed rate cut and safe-haven demand.

Strong central bank demand for gold has boosted prices, with China’s PBOC increasing gold reserves. Silver has support due to tight Chinese inventories. Long liquidation pressures have weighed on prices, but fund demand for silver has rebounded. ETF holdings for silver have risen to a 3.25-year high.

Read more at Yahoo Finance: Dollar Pushes Higher on Strength in Oct JOLTS Jobs Report