US Dollar on track for strongest weekly gain in a year
|The US dollar has once again been acting as a safe haven currency - seeing its strongest weekly gain in a year - as political uncertainty in France and Japan weigh on the euro and yen, says Axel Rudolph, Senior Technical Analyst at investing and trading platform IG.
US Dollar sees strongest weekly gain in a year
The US dollar basket has risen by close to 1.5% amid political uncertainty in France and Japan which weigh on the euro and yen. US consumer sentiment holding steady in October not only helped prop up the greenback but also led to the S&P 500 and Nasdaq 100 hitting fresh record highs.
Gold, Silver prices hold steady as Oil, Natural Gas prices drop
While the price of gold continues to oscillate around the $4,000 mark and that of silver trades in record highs around the $50 level, the oil price has seen an approximate 2.5% drop amid the ceasefire in Gaza, a stronger US dollar and ample supply. US natural gas prices have also fallen to a two-week low, pressured by saturated storage levels and mild weather forecasts.
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