Yen rises against weaker dollar
The Japanese yen rose on Monday, as the dollar US kept falling against most currencies and hit its 2-year low.
The dollar's slide came due to the US 10-year Treasury bonds yield's fall, and expectations for further quantitative easing by the Federal Reserve to ease the coronavirus impact on the economy.
The Federal Reserve will launch its regular meeting on Tuesday, to discuss monetary policy, with expectations of keeping the interest rate unchanged.
Data showed that Japan's industrial activity index fell 3.5% in June, on par with market's forecasts.
Otherwise, optimism took over global markets about an effective coronavirus vaccine coming down the pike in the next few months, as the US government has pumped millions of dollars in the ongoing trails for the vaccine that is being developed by Moderna.
As of 19:45 GMT, USD/JPY fell 0.6% to 105.4, after it hit a high of 106.1 and a low of 105.2.
Silver jumps over 7%, hits nearly 7-year high
Silver prices rose on Monday, as the US dollar slumped against most currencies, ahead of the Federal Reserve meeting.
Data showed today that the US durable goods orders index rose by 7.3% in June, beating forecasts of 7%.
The Federal Reserve will launch its regular meeting on Tuesday, to discuss monetary policy, with expectations to keep the interest rate unchanged.
Federal Reserve Chairman Jerome Powell will hold a press conference after the meeting on Wednesday to comment on the Fed’s decision.
The dollar index fell against a basket of currencies by 0.8% to 93.6 points as of 21:06 GMT, after it hit an intraday high of 94.6 and a low of 93.3.
Silver September futures rose 7.2% to close at the highest level since August 2013 at $24.51 an ounce, with a day high of $24.82 and a low of $22.94.
Gold closes about 2% higher, logs fresh record high
Gold futures rose on Monday, to continue the strong gains, and post a new record high above the $1,900 psychological barrier.
Data showed today that the US durable goods orders index rose by 7.3% in June, beating forecasts of 7%.
The Federal Reserve will launch its regular meeting on Tuesday, to discuss monetary policy, with expectations of keeping the interest rate unchanged.
The Fed had projected previously to keep interest unchanged near zero, and ruled out any rate hikes until 2022.
The dollar index fell against a basket of currencies by 0.8% to 93.6 points as of 19:27 GMT, after it hit an intraday high of 94.6 and a low of 93.3.
Gold August futures rose 1.8% or $33.5, to close at $1,931 an ounce, with a day high of $1,941.9 and a low of $1,899.
US crude erases losses, holds above $42
The performance of oil prices varied during Monday's trading, as US crude gave up losses recorded earlier in the session and turned to stability, as Brent cut its losses.
The American bank Goldman Sachs projected global oil demand to fall this year below the pre-pandemic levels, to reach about 96 million barrels per day by December.
The dollar index fell against a basket of currencies by 0.8% to 93.6 points as of 17:02 GMT, after it hit an intraday high of 94.6 and a low of 93.3.
The market is focusing this week on the US Federal Reserve's regular meeting on Tuesday, in addition to the release of the US GDP data.
As of 17:00 GMT, West Texas Intermediate crude slipped 0.1% to $41.2 a barrel, after it hit an intraday high of $41.7 and a low of $40.4.
Brent fell 0.5% to $43.1 a barrel, with a high of $43.7 and a low of $42.3.