Silver rebounds from year nadir, dollar plunges

Silver futures rose nearly one percent in American trade off July 10, 2017 lows, while the dollar index tumbled for the first time in four days, amid a lack of data from the US, and after President Donald Trump accused China and the European Union of manipulating their currencies.

As of 06:25 GMT, silver futures due on September 15 rose 0.96% to $15.55 an ounce from the opening of $15.33, bouncing off year lows, while the dollar index plummeted 0.80% to 94.40 from the opening of 95.16. 

Trump Blasts EU, China 

President Donald Trump tweeted earlier: "China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge. As usual, not a level playing field.."

He added: "Farmers have been on a downward trend for 15 years. The price of soybeans has fallen 50% since 5 years before the Election. A big reason is bad (terrible) Trade Deals with other countries. They put on massive Tariffs and Barriers. Canada charges 275% on Dairy. Farmers will WIN!"

President Donald Trump criticized the Federal Reserve in an interview with CNBC, saying he's "not thrilled" with rate hike decisions that lead to a stronger dollar, while China's yuan falls like a rock. 

He commended Fed Chair Jerome Powell as a "good man", adding he won't intervene into the Fed's actions, with the remarks overall weighing on the dollar on currency war concerns. 

In his two-day testimony before the two chambers of Congress, Fed Chair Jerome Powell pointed to strong economic growth this year with continued improvement in the labor market and inflation rates, while cautioning from short-term consequences to trade protectionism.