The dollar index fell from a 5.5-month high after mixed US economic data. Weekly jobless claims fell, but the Sep unemployment rate unexpectedly rose. US Nov Philadelphia Fed business outlook survey and Oct existing home sales were below expectations. The markets are pricing in a 39% chance of a Fed rate cut in December.

Eurozone Nov consumer confidence index was below expectations. German Oct PPI also fell. ECB member Makhlouf stated rates are in a good place. Swaps predict a 2% chance of an ECB rate cut in December.

USD/JPY is up as the yen hits a 10-month low against the dollar. Concerns about Japan’s debt burden weigh on the yen. Higher JGB yields support the yen. Markets predict an 18% chance of a BOJ rate hike in December.

Gold and silver prices rose slightly after US labor market weakness. Precious metals have safe-haven demand amid uncertainty. Central bank demand for gold remains strong. Long liquidation pressures have weighed on prices since mid-October.

Read more at Yahoo Finance: Dollar Slips on Signs of US Labor Market Weakness