US dollar rose in the European market today, heading for a 2-week high, on China and Germany stimulus plans to counter recession risks, which in turn improved investors' risk appetite.
Dollar index rose by about 0.1% to 98.25 points, from the opening of 98.17, with a low of 98.13.
Dollar rose by 0.1% today, rising for the fifth day in a row, near 2-week high at 98.34 points, as US Treasury yields rebounded.
Dollar index rose by 1.2% last week, its fourth weekly gain in the last five weeks, on increased demand as the best investment in the forex market.
In China, the People's Bank on Saturday announced an interest rate reform and a cut in corporate borrowing costs, to stimulate the economy to recover from the trade war impacts.
While the German government expressed its readiness to spend about 50 billion euros to face any future economic crisis.
Markets are anticipating the US decision today on allowing Huawei to buy supplies from US companies.
Reuters quoted sources saying that the US Department of Commerce will provide a new exemption to Huawei to allow it to buy supplies from the US so that it can meet its obligations to its existing customers.
Silver fell in the European market today to its lowest price in one week, as dollar rose in addition to most the global stock markets rebounding.
As of 12:20 GMT, silver fell more than 1.3% to $16.90 an ounce, from the opening of $17.13, with a high of $17.15, and a low of $16.85.
Silver closed lower by 0.9% on Friday, its first loss in three days, with most metals denominated in US dollars falling, while notching a weekly gain of 0.8%, its second weekly gain in a row, on increased haven demand.
US dollar rose by 0.1% today, rising for the fifth day in a row, near 2-week high at 98.34 points, to reflect a strong performance against a basket of currencies, which comes due to improved risk appetite in addition to most the global stock markets rebounding.
The risk appetite improvement comes as a result to the People's Bank announcement of an interest rate reform to stimulate the economy, in addition to the German readiness to stimulate the economy in the face of any possible recession, amid market's bets for the US Department of Commerce to provide a new exemption to Huawei to allow it to buy supplies from US companies.
Gold prices fell in the European market today, continuing its downtrend for the second day, as dollar rose against a basket of currencies, while investors anticipate the US government decision on Huawei.
As of 10:55 GMT, gold fell 0.9% to $1,499.11 per ounce from the opening of $1,512.51, with a high of $1,512.95, and a low of $1,497.31.
Gold lost 0.7% on Friday, its first loss in three days, with most metals denominated in US dollars.
But gold rose by 1.1% over the past week, in its third weekly gain in a row, on high haven demand, due to fears of a global economic recession, in addition to market's bets for global central banks to cut interest rates.
US dollar rose near 2-week today, to reflect a strong performance against a basket of currencies, which does not benefit gold prices, to push them on the way to fall below the $1,500 mark.
Markets are anticipating the US decision today on allowing Huawei to buy supplies from US companies.
Gold holdings at the SPDR Gold Trust, fell on Friday by 0.88 metric tonne, to a total of 843.41 metric tonnes.
European stocks opened higher today, to extend their gains for the second straight session led by German stocks, after German government stressed its intentions to inject more stimulus into the economy to face the recession risks, which coincides with China's similar measures.
As of 11:30 GMT, Stoxx Europe 600 Index rose by 1.3%, as it closed on Friday higher by 1.2%, its first gain in the last 3 sessions, in recovery attempts from 6-month low, as German stocks rebounded.
The index opened higher today, to extend gains for the second straight session, with most of the European markets and sectors rising.
The auto industry led the rising sectors in Europe, by rising more than 1.5%, on market's hopes for Germany's stimulus, in addition to US-China trade war fears easing.
German Minister of Finance, Olaf Schulz, said yesterday that Germany has the financial strength to ease any future economic crisis, and that the 2008 global financial crisis cost on Berlin was about 50 billion euros ($55 billion), adding that the government is ready to spend a similar amount to face any economic crisis in the future.
Whilst in China, the People's Bank on Saturday announced an interest rate reform and a cut in corporate borrowing costs, to stimulate the economy to recover from the trade war impacts.
Meanwhile, S&P 500 futures rose by more than 1.1%, after it closed on Friday at Wall Street higher by 1.4%, in its second daily gain.
Euro Stoxx 50 rose by 1.3%, followed by the french CAC 40 index, which rose 1.3%, while in Germany the DAX index rose by 1.5% to top the list of gainers in Europe, and in London, the FTSE 100 rose by 1.2%.