Silver (XAG/USD) prices recovered from recent losses, trading around $30.80 per troy ounce during the Asian trading session on Friday (1/24). Demand for non-interest bearing Silver increased following comments made by US President Donald Trump on Thursday night. Trump expressed his desire for the US Federal Reserve (Fed) to cut interest rates without delay. "With oil prices going down, I will demand that interest rates be cut immediately, and interest rates should be cut all over the world," he said during the World Economic Forum in Davos, Switzerland. Additionally, industrial demand for...
The EUR/USD pair attracted some buyers near 1.0450 during the early Asian session on Friday (1/24), supported by a weaker US Dollar (USD). The preliminary readings of the HCOB Purchasing Managers' Index (PMI) for January from the Eurozone and Germany are due later on Friday. On the US data front, the flash S&P PMI for January will be in the spotlight. US President Donald Trump's remarks at the World Economic Forum in Davos dragged the USD lower against a basket of major currencies. Trump said on Thursday night that he wants to see interest rates cut soon, and likewise, interest rates...
The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, fell for the second straight day and dropped to a fresh monthly low during the Asian session on Friday (1/24). The index is currently trading around the 107.80 region, down nearly 0.35% for the day, and remains on track to post a second straight week of losses. The market has been pricing in the possibility that the Federal Reserve (Fed) will cut borrowing costs twice this year amid signs of inflationary pressures in the US. Moreover, US President Donald Trump, speaking remotely at the World Economic Forum...