Ahead of Trump’s Inauguration, EURUSD-Nasdaq Soars; Gold Deceptive

Gold demonstrated significant volatility at the start of trading in the United States as the US Dollar (USD) experienced fluctuating movements on Monday, with the US Dollar Index (DXY) approaching the 109.00 mark. This volatility comes as Donald Trump is set to be inaugurated as the 47th President of the United States.

Simultaneously, the Nasdaq saw a notable surge, climbing to a peak of 21,654, marking the highest trading level of the day. Alongside the Nasdaq, the GBPUSD currency pair surged by 114 pips, while EURUSD rose by 91 pips.

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Financial markets in the United States, including stock trading on Wall Street and bonds, were closed in observance of Martin Luther King Day. This closure resulted in low liquidity in the market, causing price movements to potentially become more erratic.

Market participants are also exercising caution as they await the policy announcements from Trump following his inauguration, especially regarding trade tariffs and other economic policies that could influence the trajectory of global markets.