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On September 11, two US officials stated that Saudi Crown Prince Mohammed bin Salman called President Trump twice on Thursday, urging him to launch an attack on the Houthi rebels after the group seized a strategic coastal city in Yemen, bringing it closer to the Bab el-Mandeb Strait. Trump rejected the request, and US officials emphasized that the government currently has no plans for direct intervention in the Houthi campaign. With Iran already disrupting traffic in the Strait of Hormuz, the Houthi control of the Bab el-Mandeb could give Tehran significant new leverage to pressure the US and its Gulf allies. The US, concerned about the rapid escalation of the situation in Yemen, is increasing its support for Saudi Arabia while simultaneously trying to avoid direct military intervention. Saudi Arabias request for direct US intervention marks a sharp reversal of its stance in July, when Riyadh told Washington it could handle the Houthis on its own. However, as the fighting intensified, Saudi Arabia began seeking increasing support.According to Axios, the Saudi Crown Prince urged US President Trump to take action against the Houthis to counter the Red Sea threat. Trump reportedly rejected the request, with US officials emphasizing that the government currently has no plans for direct intervention in the fight against the Houthis.Traders: The Reserve Bank of India may sell dollars to limit the rupees decline under pressure from oil prices.Copper prices faced their first weekly decline since June, according to foreign media reports, as markets worried about a potential delay in the US decision on whether to impose import tariffs. US officials are weighing concerns that rising local metal prices could push up manufacturing costs, triggering a price correction; LME three-month copper has fallen more than 1% this week. Copper traders have shifted hundreds of thousands of tons of copper to the US, hoping to profit from a surge in domestic prices following the Trump administrations potential tariffs on refined copper imports. Rising demand driven by data centers and renewable energy, as well as supply issues at major mines, have also boosted investor buying interest. "The recent rally appears to have exceeded what is fundamentally reasonable, and tariff uncertainty remains high," a BMI analyst said in a report. The metal and other assets will face a test later on Friday when US consumer price data will be released. Any signs of rising inflation will increase market expectations of a possible Federal Reserve rate hike, which typically puts pressure on non-yielding assets like copper.On September 11th, TD Securities analysts stated that since the market has fully priced in a September rate hike by the Bank of Japan, the yens near-term movement will depend on the hawkishness of next weeks forward guidance. If the guidance does not take into account a rate hike in October or December, the yen may be sold off, falling back to the 157-160 range, and may also weaken against high-yielding emerging market currencies such as the Indonesian rupiah. Conversely, if Bank of Japan Governor Ueda signals any rate hikes faster than the quarterly pace, forex investors are likely to interpret this as hawkish. TD Securities predicts that if the markets pricing of the Bank of Japans future rate hike path after the September meeting indicates that interest rates will reach around 2% in the second quarter of 2027, the yens attractiveness as a global carry trade funding currency will gradually diminish.

Predictions for the Silver Market: A Turbulent Time Ahead

Alina Haynes

Jul 22, 2022 14:58

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Silver fell during Thursday's trading session, but it recovered after the European Central Bank raised interest rates, which placed downward pressure on the US dollar. I believe it is only a matter of time until sellers re-enter the market and force this commodity lower since this is a market that continues to witness a lot of noisy activity. However, there are many grounds to believe that silver's value will decline below that of the dollar.

 

Silver's demand is expected to remain weak due to low consumer demand. At this point, I believe it is best to "fade the rise," since it will likely be just a matter of time until sellers re-enter the market. We're probably going to break up soon, and the $20 level above should provide a lot of resistance on the way up.

 

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It's conceivable that sellers will enter the market even if we break over the $20 level, and then the 50 Day EMA will come into play. The 50-day moving average (MA) is currently at $20.73, and it's falling. In the end, I believe that many individuals will rush into this market as soon as it shows indications of tiredness. If the price drops below the hammer's base, it would be reasonable to assume that the $15 support level will be quickly breached.


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