US dollar fell on the European market on Thursday against a basket of global currencies, continuing losses for the second day in a row as US currency sell-off continued following the first part of Federal Reserve Chairman Jerome Powell's semi-annual testimony before the US Congress, opening the way for another cut before the end of this year, and in order to re-evaluate those prospects investors are anticipating the release of major inflation data in the United States for June later in the day, in addition to the second part of Powell's testimony before the Senate Banking Committee.

The dollar index fell by 0.3% to 96.80 points, from the opening level of 97.06 points, with the highest level at 97.06 points.

Yesterday's index lost more than 0.4%, the first loss in the past four days, as correction and profit taking accelerated from a three-week high of 97.59 reached in the previous day and after Jerome Powell's comments before the US Congress.

"The weakness of the global economy, which casts a negative shadow on the outlook for the US economy amid a state of uncertainty about the repercussions of the trade wars that the country is waging with China and other countries," Jerome Powell told the House Financial Services Committee on Wednesday.

Powell said that the US central bank will act as needed to maintain growth and the economic gains and that the mounting risks weigh heavily on economic expectations.

In most of the comments, Jerome Powell appeared pessimistic, in contrast to most of the financial market expectations of a neutral or less pessimistic comments, which increased the likelihood that the Federal Reserve will cut interest rates by 25 basis points at the next meeting later this month, Up to nearly 30% after falling after strong US jobs data on Friday.

The comments also opened the way for the Federal Reserve to cut further interest rates before the end of this year, but this depends on how the US economy is developing in the third quarter of this year, after a certain decline in the second quarter.

To re-evaluate these prospects, investors are expected later in the day to release key US inflation data in June and the second part of Powell's testimony before the US Congress.

By 12:30 GMT, the US CPI reading is expected to rise by 1.6% in June from 1.8% in May, and the monthly reading is expected to rise by 0.0% as the previous reading rose by 0.1%.

The second part of the Fed's semi-annual testimony comes at 14:00 GMT before the Senate Banking Committee.

Silver prices rose on Thursday, extending their gains for the fourth consecutive day, among the longest daily gains streak since late May, based on the US dollar's slide against a basket of currencies after the US Federal Reserve Chairman Jerome Powell's remarks before the US House of Representatives.

As of 11:55 GMT, silver prices rose by 0.5% to $15.28 per ounce from the opening level of $15.21 and recorded a high of $15.31 and a low of $15.21.

Yesterday, silver gained 0.9%, its third daily gain, with most metals and commodities denominated in US dollars climbing.

The dollar index fell 0.25% on Thursday, extending losses for the second day in a row, as the US currency sell-off continued against a basket of major and secondary currencies, following Jerome Powell's remarks before the US House of Representatives.

Those comments reinforced the likelihood that the Federal Reserve will cut interest rates by 25 basis points during the July 30-31 meeting, and also raised the possibility of a 50 basis point rate cut during the same meeting, but the odds remain so far at 30%.

The Fed Chairman pointed to the weaknesses of the global economy and its negative impact on the US economy, coupled with uncertainty about the repercussions of the trade disputes that the US is engaged in with China and other countries.

Powell said that the US central bank will act as needed to maintain growth and the economic gains and that the mounting risks weigh heavily on economic expectations.

European shares rose on Thursday morning for the first time in the last five sessions, after Federal Reserve Chairman Jerome Powell's comments before the US House of Representatives, which once again raised prospects around a US rate cut later this month.

The Stoxx Europe 600 index rose 0.2% by 09:25 GMT, and the index ended yesterday's session lower by 0.2%, the fourth consecutive daily loss, on fears of the global economy weakening.

Stoxx Europe Index rose on Thursday morning on its way to the first gain in the last five sessions, with the majority of European stock exchanges and major sectors in the positive region.

The energy sector led the gainers list in Europe with a gain of more than 1.2%, taking advantage of the rise in the oil prices to the highest level in six weeks, after a significant drop in US crude inventories.

Jerome Powell told the House of Representatives Financial Services Committee on Wednesday that the US central bank will act as needed to maintain growth and the economic gains and that the mounting risks weigh heavily on economic expectations.

The Fed Chairman pointed to the weaknesses of the global economy and its negative impact on the US economy, coupled with uncertainty about the repercussions of the trade disputes that the US is engaged in with China and other countries.

Those comments increased the likelihood that the Fed would cut interest rates by a quarter percentage point at its next meeting late this month, and also boosted the possibility of a half-percentage point cut, but these prospects remain below 50%.

S&P 500 futures rose by more than 0.3%, and the index ended yesterday's session on Wall Street up by 0.45%, the second daily gain in a row, recording a new record high of 3,002.98 points.

Euro Stoxx 50 rose by more than 0.2%, while in France, the CAC 40 index rose 0.2%, Germany's DAX rising by 0.1%, and in London, the FTSE 100 index rose about 0.1%.

Gold prices rose on Thursday to extend their gains for a third consecutive day, the highest level in a week, on the back of a drop in US dollar against a basket of world currencies after Federal Reserve Chairman Jerome Powell confirmed to the US Congress that a rate cut in US interest rates will come for more than once during this year.

As of 10:55 GMT, gold prices rose by more than 0.3% to trade at $1,423.22 per ounce from the opening level of $1,418.45 and recorded a high of $1,427.09 and a low of $1,418.28.

Gold prices rose 1.5% on Wednesday, the second daily gain in a row, after Jerome Powell's comments before the US Congress.

The dollar index fell 0.25% on Thursday, extending losses for the second day in a row, reflecting the continued decline of the US currency against a basket of major and minor currencies, which supports the prices of gold and other metals denominated in US dollars.

The drop came after the Federal Reserve's semi-annual testimony before the US Congress, which has boosted prospects for a US interest rates cut for more than once this year.

Powell said before the US House of Representatives said on Wednesday that the weakness of the global economy is casting a shadow over the US economy outlook, amid a state of uncertainty over the implications of the US-led trade war with China and other countries.

The comments were more pessimistic than expected in most financial markets, but they came in line with the minutes of the recent Federal Reserve meeting, which showed that not a few members believe there is a need to soften monetary policy to counter rising global and domestic risks.

Jerome Powell is scheduled to complete the second half of his semi-annual monetary policy briefing at the Senate Banking Committee on Thursday.

Gold holdings with SPDR Gold Trust (The world's largest gold-backed fund) rose yesterday by 6.46 metric tons, the first increase in the last four days, and the largest daily increase since June 21, bringing the total to 800.54 metric tons, which is the highest level in more Two weeks ago.