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Israels emergency organization "Red Shield of David": Irans latest round of ballistic missile attacks has injured 8 people in Israel.June 16th news, on June 15th local time, Mustafa Hayari, director of media affairs of the Jordanian Armed Forces, said that the current situation is an attempt by one party to the conflict to drag Jordan into the war, intending to undermine Jordans security and stability. But Jordans national position has been very clear from the beginning, that is, to avoid being involved in the conflict between Iran and Israel. Regarding the measures taken by the Jordanian Armed Forces to deal with this threat, Hayari emphasized that the military has increased the combat readiness level of various combat units and logistics units since the beginning of the conflict, and has placed all combat units and troops on the highest level of alert to ensure effective response to any potential threats. Hayari said that missiles and drones entering Jordanian airspace are extremely dangerous. As military weapons, these devices may have technical deviations for a variety of reasons, making Jordanian territory a potential landing point.According to the Wall Street Journal: The Washington Post suffered a cyber attack, resulting in the compromise of the email accounts of several journalists.June 16, European Commission President Ursula von der Leyen said on Sunday that she had spoken with Israeli Prime Minister Benjamin Netanyahu about the situation in the Middle East. Von der Leyen reiterated the EUs commitment to peace, stability and diplomatic efforts that have helped ease tensions. "Europe has always been clear: Iran can never acquire nuclear weapons. There is now an urgent need to reach a negotiated solution," von der Leyen said.The Iraqi Shiite armed group "Kataib Hezbollah" issued a statement on the 15th saying that if the United States intervenes in the current military conflict between Israel and Iran, the organization will "not hesitate" to launch attacks on US interests in the Middle East, including military bases. The statement also called for the closure of the US embassy in Iraq and the expulsion of US troops in Iraq, "because they are the most obvious and serious threat to Iraqs security and regional stability."

Forecast for Silver Price: XAG/USD to fall to $25.00 as supply concerns subside and risk aversion increases

Daniel Rogers

Apr 20, 2023 13:46

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During the early hours of Thursday, the price of silver (XAG / USD) falls to $25.20, a new intraday low. In doing so, the precious metal records its first daily loss in three days, as concerns of a supply crisis subside and a risk-averse mood prevails.

 

Wednesday, Reuters cited the Silver Institute's annual prognosis report, which stated that global silver demand increased by 18% to a record high of 1.24 billion ounces last year, resulting in a massive supply deficit. According to the report, "The Silver market was undersupplied by 237.7 million ounces in 2022, the institute said in its most recent World Silver Survey, calling this 'possibly the largest deficit on record'."

 

On the other hand, higher inflation indicators from the United Kingdom, the Eurozone, and the United States, along with hawkish comments from the Bank of England (BoE), European Central Bank (ECB), and Federal Reserve (Fed), increase the likelihood of rate increases and dampen investor sentiment. John Williams, president of the Federal Reserve Bank of New York, is one of the Fed's most recent policy advocates. In May, he voiced support for an interest rate hike of 0.25 percentage points and said, "We will use monetary policy tools to restore price stability." Before him, the president of the Federal Reserve Bank of Chicago, Austan Goolsbee, highlighted the strength of the credit market as one of the most important catalysts to monitor prior to the next Fed monetary policy meeting.

 

With this, market participants increase their wagers on the central bank's 0.25 percentage point rate hike in May to at least 85 percent and reduce the likelihood of a rate cut in 2023.

 

It should be noted that the UK's allegations of China's hidden motive to clamp down on Western infrastructure and the US House China Committee's discussion on the Taiwan invasion scenario rekindle the West vs. China conflict narrative and impact on sentiment. On the same line are the concerns surrounding the probable drag on the US debt ceiling decision as a result of US President Joe Biden's reluctance to raise debt limits.

 

In addition, Reuters reported that US consumers are falling behind on their credit card and loan payments as the economy weakens, which also puts pressure on the XAG/USD exchange rate.

 

In this context, S&P 500 Futures have recorded their first daily loss in four days, falling 0.25 percent intraday to 4,168 as of press time. However, the US 10-year and 2-year Treasury bond yields hover around 3.60 percent and 4.25 percent, respectively, after reaching new monthly highs the day before. The US Dollar Index (DXY) fluctuates around 102.000 after rectifying its adverse bias from the previous day.

 

Considering the future, the recent emphasis on qualitative news highlights them as the most important risk indicator. Nonetheless, the US Weekly Initial Jobless Claims, Philadelphia Fed Manufacturing Survey, and Existing Home Sales should be monitored for fresh impulses.


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