USD weakens as silver breaks $90, precious metals surge
The US dollar has declined across major pairs as precious metals continue their remarkable rally, with silver surging past the psychological $90 level for the first time since 2011. The DXY index has dropped 0.4% to 106.20, pressured by the metals surge and renewed risk appetite. EUR/USD has climbed 45 pips to 1.0485, while GBP/USD advanced to 1.2340. The precious metals rally reflects growing inflation hedging demand and concerns about global monetary policy divergence. Gold has also extended gains to $2,680 per ounce, reinforcing the anti-dollar sentiment. Technical indicators suggest the dollar's weakness could accelerate if DXY breaks below the 106.00 support level. The silver breakout above $90 signals potential for further commodity-driven dollar selling, particularly against commodity currencies like AUD and CAD.
Related Symbols:
EURUSD
GBPUSD
AUDUSD
USDCAD
This is a summary of the original article by Forexlive. To read the complete article, please visit the source website:
Read Full Article at ForexliveNews data provided by Finnhub. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
