The U.S. Dollar Index rose on Thursday, recovering from a three-week low and recording a moderate increase due to the weakening of the euro and the British pound.

The euro fell to a four-week low due to dovish comments from the ECB, and the British pound dropped to a three-and-a-half-week low after the BOE cut interest rates for the first time in four years. On the other hand, the stock market sell-off also boosted demand for USD liquidity.

However, the rise of the U.S. dollar was somewhat restrained by U.S. economic reports favorable to the Fed. Initial weekly jobless claims increased by 14,000, reaching the highest level in nearly a year at 249,000, indicating a weaker labor market than the expected 236,000.

The July ISM Manufacturing Index unexpectedly fell to 46.88 points, weaker than the expected increase to 48.8 points, marking the steepest decline in eight months and raising recession concerns.

September Silver Futures prices abruptly turned lower. The settlement price on August 1 was $28.477 per troy ounce, down 1.59% from the previous session.

October Platinum Futures broke a consecutive gain streak. The settlement price on August 1 was $970.5 per troy ounce, down 1.61% from the previous session.

September Copper Futures reversed direction. The settlement price on August 1 was $4.08 per pound, down 2.25% from the previous session.

Source: Collected from various sources