Michelle

Silver faces rejection near the $31.00 confluence and snaps a three-day winning streak. Any further slide could be seen as a buying opportunity near the $30.40-$30.35 support. Bulls need to wait for a move beyond the trend-channel hurdle before placing fresh bets.

WASHINGTON (Jan 16): President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar

EUR/USD wobbles around 1.0300 as the US Dollar consolidates while traders re-evaluate the Fed’s likely interest rate outlook for the entire year. Traders see at least one interest rate cut this year after mixed US inflation data for December. ECB’s Villeroy sees the deposit facility rate sliding to 2% by the mid-year.

USD/CHF flat lines near 0.9125 in Thursday’s early European session. Softer US CPI inflation sparks speculation about future Fed rate cuts. The uncertainties and geopolitical risks could boost the safe-haven currency like the CHF.

WTI price depreciates despite growing concerns over potential supply disruptions triggered by new US sanctions targeting Russian Oil. API Weekly Crude Oil Stock declined by 2.6 million barrels in the previous week, below the expected 3.5 million barrel reduction. US EIA suggested that Oil prices are expected to face downward pressure over the next two years.

EUR/GBP gains momentum to near 0.8445 in Wednesday’s early European session. UK CPI inflation eases to 2.5% YoY in December vs. 2.7% expected. ECB’s Rehn said it makes sense to continue rate cuts.

WTI retreats from over a three-month high, though the downside seems cushioned. US sanctions on Russia fuel worries about tightening global supply and lend support. The recent breakout through the very important 200-day SMA favors bullish traders.

The US Dollar Index climbs as the latest employment report reinforces the Fed's decision to keep rates steady in January. Higher yields on US Treasury bonds are contributing support for the US Dollar. US Nonfarm Payrolls increased by 256K in December, exceeding expected 160K and November’s figure of 212K.

DXY consolidates its recent move up back closer to a two-year peak amid the Fed’s hawkish shift. Geopolitical risks and trade war fears further underpin demand for the safe-haven Greenback. The USD bulls turn cautious and wait for the release of the US NFP report before placing fresh bets.