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On November 21st, at a hearing in the Japanese Diet, Bank of Japan Governor Kazuo Ueda stated that the continued weakness of the yen could further push up inflation. He pointed out that import prices have risen due to the yens weakening, and companies are currently more willing to raise wages and product prices. Ueda emphasized that the impact of exchange rate fluctuations on prices is becoming more significant than before, and the central bank must remain highly vigilant. This statement indicates that he is leaning towards supporting a rate hike in December. If Ueda ultimately votes in favor of a rate hike, he will join forces with two hawkish members (Hiroshi Takada and Naoki Tamura) who had previously called for a rate hike at the October meeting and voted against it. Furthermore, council member Junko Koeda also made hawkish remarks yesterday, indicating that concerns about inflation risks are rising at the policy level. Although Deputy Governor Ryozo Himino, along with most members, maintained the interest rate unchanged at the last meeting, he is considered to be hawkish. Currently, only Asahi Noguchi remains firmly dovish. New member Masakazu Yoshiyuki is considered a centrist and is expected to follow the mainstream opinion led by Ueda.Japanese Finance Minister Satsuki Katayama: It is crucial that the government and the Bank of Japan continue to work closely together to end deflation, achieve price stability, and promote economic growth.Japanese Finance Minister Satsuki Katayama: Japan is still halfway to achieving sustainable and stable price increases that accompany wage growth.The yield on 40-year Japanese government bonds fell 5.0 basis points to 3.695%. The yield on 30-year Japanese government bonds fell 5.0 basis points to 3.325%.The Hang Seng Tech Index fell sharply in early trading, dropping more than 3%, while the Hang Seng Index fell more than 2%. Baidu (09888.HK) and NIO (09866.HK) both fell more than 6%.

Forecast for Silver Price: XAG/USD corrects from $24.00 as USD Index recovers and US Employment is monitored

Alina Haynes

Apr 04, 2023 13:45

截屏2022-08-26 下午5.10.05_1024x576.png 

 

After failing to surpass the $24.00 resistance in the Asian session, the Silver price (XAG / USD) has corrected marginally. The precious metal has shown a slight decline in tandem with the US Dollar Index's recovery. (DXY). After establishing a buffer around 102.00, the USD Index has rebounded to near 102.15; however, the downside appears to be favored in anticipation that the Federal Reserve (Fed) will maintain a neutral posture on interest rates at its monetary policy meeting in May.

 

S&P500 futures are attempting to recoup all of the losses sustained in early Asia. The overall market sentiment is optimistic, so the demand for perceived-risk assets is robust. Prior to the United States Automatic Data Processing (ADP) Employment Change (March) data, which will be released on Wednesday, 10-year US Treasury yields have increased marginally to around 3.43 percent. According to the consensus, the US economy added 205K positions in March, compared to the previous report of 242K.

 

The need for a halt in the Fed's policy-tightening cycle will increase as a result of fewer job gains following a weaker ISM manufacturing PMI. According to the CME Fedwatch tool, over fifty percent of investors continue to anticipate an additional 25 basis point (bps) rate hike to 5.00-5.25%. However, a significant reorganization is anticipated after the publication of the Employment data.

 

Monday, Fed Board Governor Lisa Cook stated that the United States has both low unemployment and high inflation. Consequently, the Fed is presently focused on inflation, and the disinflationary process has begun, but we are not yet there. The commentary has provided the US dollar with some support.


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