The US dollar continues to rise, marking its biggest two-day gain since April, while metals and crude oil both fell.

The continued decline in precious metals and unexpectedly strong US manufacturing data have pushed the dollar higher, set to make its largest two-day gain since April. The dollar rose against all major non-US currencies on Monday, with the Bloomberg Dollar Index posting a cumulative gain of about 1.2% over two trading days, marking its biggest increase since 10 months ago when President Trump's announcement of large-scale tariffs caused market turmoil. Gold and silver prices both fell on Monday, extending their decline since last week. Earlier, Trump announced the nomination of Kevin Warsh to succeed Powell as the Chairman of the Federal Reserve. The market believes that Warsh, compared to other candidates, is more likely to take action to curb rising inflation pressures. This stance may a currency policy that supports the dollar, thus weakening the currency devaluation trades that have previously driven gold prices higher.