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The US Dollar Posts Largest Daily Gain in July, Gold and Silver Plunge Weighing on Commodities Currencies
BlockBeats News, January 31, Friday: The US dollar surged significantly, marking its largest single-day gain since July, as the plunge in gold and silver weighed on currency exchange rates from the Australian Dollar to the Swiss Franc.
The US Dollar Index (DXY) ended this turbulent month with a gain of around 0.9%. During this period, the index experienced significant volatility due to Trump's policies. The dollar's rebound on Friday was supported by the fall in precious metal prices and the impact of Trump's choice of Powell as Federal Reserve Chair, but the index still fell by about 1.4% in January, making it the worst-performing month since August.
"Overall, market sentiment is rather tense," said Catherine Brooks, Research Director at XTB. "The dollar depreciation trade has currently been paused, but that does not mean the trade has ended." The Australian Dollar, Swiss Franc, and Swedish Krona (currencies affected by precious metal prices) led the decline among G10 currencies. Silver saw its largest single-day drop in history, while gold experienced its largest drop since the early 1980s, ending its previous uptrend. (FX Street)
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