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Bank of Japan Governor Kazuo Ueda: Downside risks to the US economy are receding.Bank of Japan Governor Kazuo Ueda: Uncertainty surrounding the US economy and the impact of tariffs still exist, but are diminishing.On December 25th, demand at the Japanese two-year government bond auction was below the 12-month average, as markets speculated that the Bank of Japan might need to raise interest rates more sharply to control inflation and support the yen. A key indicator of demand, the bid-to-cover ratio for this auction was 3.26, lower than the 12-month average of 3.65. Less than a week earlier, the Bank of Japan raised its policy rate to a 30-year high. Governor Kazuo Ueda offered little guidance on the central banks future interest rate path in his post-meeting remarks, leading to a weaker yen and a sharp rise in yields. The yield on two-year government bonds, more sensitive to monetary policy expectations, climbed to its highest level since 1996 earlier this week. Meanwhile, the 10-year breakeven inflation rate (a key indicator of market expectations for future price pressures) jumped to its highest level since 2004 on Monday. Nevertheless, the yens depreciation and rising yields have calmed since Finance Minister Satsuki Katayama warned earlier this week that Japan could "act freely" and take bold action against exchange rate fluctuations that are not in line with fundamentals. Investors will be watching the government bond issuance plan related to the fiscal year 2026 budget, which is expected to be approved by the cabinet on Friday.The yield on Japans two-year government bonds rose 1 basis point to 1.11%.Japanese Prime Minister Sanae Takaichi: I hope that companies will achieve a basic wage increase that exceeds the rate of inflation.

Silver Price Analysis: XAG / USD declines from a crucial EMA confluence below $22.00

Alina Haynes

Mar 16, 2023 13:51

As it consolidates the previous day's gains and extends a retracement from a five-week high, the silver price (XAG/USD) retests its intraday low near $21.70 early Thursday. In doing so, the precious metal represents the fourth consecutive day that it has failed to cross the convergence of the principal Exponential Moving Averages (EMAs).

 

In spite of this, the 50-EMA joins the 100-EMA and 200-EMA in highlighting the $21.80-$90 region as a difficult nut to break for Silver buyers.

 

Nonetheless, bullish MACD signals and an upward-sloping trend line from early September 2022 limit the immediate downside of the XAG / USD around $20.00.

 

Prior to that, the previous weekly highs of approximately $21.30 and $20.00 could entice the Silver bears.

 

In the event that the Silver price remains adverse beyond $20.00, a decline to the November 2022 low near $18.80 cannot be ruled out.

 

On the other hand, a daily close above $21.90 appears required for the XAG / USD investors to regain control.

 

Even so, the $22.00 threshold and January's low near $22.75 could present a challenge to Silver purchasers before they gain control.

 

Overall, the Silver price does not enter the buyer's radar until it surpasses $21.90. However, the negative appears to be limited as well.


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