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On December 30th, amid a general sell-off in precious metals, the worlds largest silver ETF, iShares Silver Trust (SLV), fell nearly 9% intraday, heading towards its biggest single-day drop since 2020. Todays decline has pulled prices back to near pre-Christmas holiday levels. Despite todays sharp drop, SLV is still up over 140% year-to-date. According to fund documents, to meet the surge in demand this year, SLV had added nearly 67 million ounces of silver as of last Friday. However, analysts point out that while this figure seems large, it represents only a small fraction of total global silver demand this year. They emphasize that strong demand from solar panel manufacturers and increased imports from India (where precious metals are far more popular among savers than in the US) are the main drivers of overall demand growth.EIA Natural Gas Report: For the week ending December 19, total U.S. natural gas inventories were 3.413 trillion cubic feet, down 166 billion cubic feet from the previous week and down 129 billion cubic feet from the same period last year, a year-on-year decrease of 3.6%, while also 24 billion cubic feet below the 5-year average, a decrease of 0.7%.U.S. natural gas futures maintained their upward trend, currently up 5.2%; the EIA report showed that the inventory decline was in line with expectations.Fitch: Despite headwinds, U.S. property and casualty insurance underwriting profitability remains strong.U.S. EIA natural gas inventories for the week ending December 19 were -166 billion cubic feet, compared to an expected -168 billion cubic feet and a previous reading of -167 billion cubic feet.

AUD/USD reaches 0.6920 due to upbeat Australian Trade Balance report

Alina Haynes

Jan 12, 2023 14:48

AUD:USD.png 

 

The AUD/USD pair has surged above 0.6920 after the Australian Bureau of Statistics announced monthly Trade Balance (Nov) data that was stronger than anticipated. The economic statistics has climbed to 13,201M from 10,500M as predicted and 12,217M as originally published.

 

Prior to the presentation of the United States Consumer Price Index (CPI) statistics, investors abstained from acquiring considerable holdings in the Australian dollar.

 

After back-to-back solid sessions, S&P500 futures are witnessing mild selling pressure, signaling investor concern ahead of the US inflation report. The US Dollar Index (DXY) continued to struggle at 103.00 amid a dull trading environment. In the meantime, 10-year US Treasury yields have recovered and soared past 3.56 percent.

 

Analysts at RBC Economics forecast a dramatic decrease in annual U.S. consumer price increase in December, from 7.1% in November to 6.3%. The enormous fall in energy prices is partially responsible for the abrupt decline in price rise. In December, they estimate 'core' (excluding food and energy products) price growth to decrease to 5.6% YoY from 6.0% in October.

 

In the preceding two weeks, the US Dollar Index has been battered, and only an unexpected jump in inflation data could give a buffer for the future. In a broader sense, Wells Fargo analysts estimate that inflation will fall to 2.2% YoY by the end of the year.

 

The Australian Dollar will undergo volatility with the announcement of China's CPI numbers. According to forecasts, annual CPI (Dec) is predicted to grow to 1.8% from the previous report of 1.6%. While the monthly result may fall by 0.1% compared to the prior statement of -0.2%, the previous figure was -0.2%. In addition, the Producer Price Index (PPI) may drop by 0.1%.

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