The dollar strengthened by 0.25% today after the Nov Empire manufacturing survey rose to a 1-year high, reducing the chance of a Fed rate cut next month to 41%. Meanwhile, the Eurozone GDP forecast was raised by the European Commission to 1.3%, affecting the euro’s performance.

The yen fell by 0.21% against the dollar due to Japan’s Q3 GDP contraction of 1.8%, prompting a potential stimulus package. However, Japan’s Sep industrial production was revised upwards by 0.4%. The BOJ is expected to hold rates at the next meeting.

Gold and silver prices dropped today by 0.74% and 0.60%, respectively, due to a stronger dollar and reduced expectations of a Fed rate cut in December. Central bank demand for gold remains strong, with China’s PBOC increasing reserves and global central bank purchases up 28% in Q3.

Industrial metals demand received a boost from the Eurozone GDP forecast increase and the positive Empire manufacturing survey. Precious metals continue to have safe-haven appeal amid geopolitical risks and central bank buying. Long liquidation pressures have weighed on prices since mid-October.

Read more at Yahoo Finance: Dollar Sees Support from Positive Empire Report and Reduced Fed Rate-Cut Expectations