The general index of the US dollar recorded declines by about 1% in mid-European trading today, Thursday, May 19, coinciding with the opening of the US markets, to trade at its lowest level in two weeks at 103.02, directly affected by the decline in US treasury bond yields, in addition to disappointing economic data from the US economy, which supported Yellow metal heights.

Data released moments ago showed a decline in manufacturing activity in Philadelphia by 15 points in May to reach 2.6 points, the lowest reading of the index in two years, according to the manufacturing activity expectations survey, while market expectations indicated a decline to 14.9 points.

On the other hand, the weekly unemployment claims numbers rose by 21 thousand to reach 218 thousand in the last week ending on the 14th of May, compared to the previous week’s revised reading to 197, while expectations were at 200 thousand.

The decline in bond yields affects the currency prices significantly during today’s session, as the yield on the ten-year US treasury bonds fell by about 3.44% at 2.785, casting a negative shadow on the US dollar’s movements.

Today, the US dollar is ignoring its status as one of the most important safe havens, amid rising market fears of a possible global economic recession, especially after Wall Street collapsed on Tuesday and the Dow Jones index lost more than 1150 points at the close.

The yellow metal is benefiting from the decline in the US dollar and bond yields, as gold rises by about 1.40%, trading at levels of 1840 dollars per ounce, while silver rises by about 2% and is trading at levels of 21.81 dollars.

The Japanese yen, in turn, is rising by more than 100 points and trading at 127.15 levels against the US dollar, while the British pound is rising by about 120 points and trading at 1.2465 levels.