US consumer confidence rose slightly earlier this month, according to data released today.

The consumer confidence index released by a joint survey by the University of Michigan and Reuters rose to 98.4 points this month from 98.2 points in June, while analysts expected the index to rise to 98.5 points in its preliminary reading.

US stocks rose at the start of trading today, boosted by speculations that the Federal Reserve will cut interest rates at this month's meeting.

This came after a statement by a member of the Federal Reserve yesterday, in which he stressed the need for the central bank to take action to address any slowdown in the growth of the US economy.

Market analysts interpreted the comments as a new signs of the central bank intentions of a rate cut this month.

US President Donald Trump commented on the market's events, saying on his Twitter account "To the Fed: there is no inflation".

The comments were overshadowed by market fears of the renewed trade war after US President Trump threatened to impose more tariffs on his country's imports from China.

In terms of trading, Dow Jones rose by 0.2% (equivalent to 65 points) to 27,287 points, Nasdaq rose 0.1% (12 points) to 8,219 points, while S&P 500 rose by 0.1% (two points) to 2,997 points.

US dollar rose on the European market on Friday against a basket of global currencies, about to achieve the first gain in the last three days, to recover from the lowest level in two weeks recorded earlier in yesterday's trading, the rise comes with renewed purchases of the US currency after the decline of the prospects for the Federal Reserve to make a significant cut in interest rates during the end of the month.

The dollar index rose more than 0.3% to 97.03 points, from the opening level of today's trading of 96.82 points, with the lowest level at 96.76 points.

The index ended lower by 0.5% yesterday, the second daily loss in a row, reaching a two-week low of 96.67 points as the market's sell-off accelerated after John Williams' remarks.

New York Federal Reserve Chairman John Williams said that the US central bank must "act quickly" to counter the economic slowdown and weak inflation, adding that it is better to take preventive measures rather than wait for a disaster.

Following Williams' comments, prospects for the Federal Reserve's interest rates cut by 50 basis points jumped to 70 percent leading to a large sell-off of the US dollar.

But the odds soon dropped to about 40 percent after a Federal Reserve spokesman told CNBC that Williams' comments were part of an academic talk and were not related to possible monetary policy actions.

Silver prices fell on the European market on Friday for the first time in six days, on correction and profit-taking activity after reaching a 13-month high earlier in the session, Whilst heading for its biggest weekly gain in three years due to a strong retail demand.

As of 11:15 GMT, silver prices fell 0.3% to $16.28 per ounce from the opening level of $16.33 and recorded the highest at $16.46 (the highest since June 2018) and the lowest at $16.26.

Yesterday, silver gained 2.3%, its fifth consecutive daily gain, in the strongest daily rally this year, due to strong investment demand in addition to US dollar drop after recent comments by New York's Fed Chairman, John Williams.

Over the course of the week, the white metal so far rose by 7.2%, achieving the second weekly gain in a row, and the biggest weekly gain since late June 2016.

This huge weekly gain is directly related to the fact that silver is currently undervalued against gold, so we see a strong retail demand coming into the silver market.

Silver moves have historically been more than gold when prices go up or down, but this has not happened when gold prices hit their highest level in six years.

Silver always tends to outperform gold based on the percentage, whether it is moving up or down as the market moves.

The price of silver is currently under pressure as the US dollar rebounds against a basket of global currencies after the prospects for a significant cut in US interest rates again declined this month after a Federal Reserve spokesman in New York said Williams' remarks are academic and not related to possible monetary policy actions.

New York's Fed Chairman, John Williams, called on Thursday for preventive measures to avoid having to deal with very low inflation and interest rates.