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On Thursday, January 8th, the German DAX 30 index closed up 17.89 points, or 0.07%, at 25116.42; the UK FTSE 100 index closed down 10.06 points, or 0.10%, at 10038.15; the French CAC 40 index closed up 9.55 points, or 0.12%, at 8243.47; the Euro Stoxx 50 index closed down 19.61 points, or 0.33%, at 5903.96; the Spanish IBEX 35 index closed up 48.22 points, or 0.27%, at 17644.62; and the Italian FTSE MIB index closed up 109.82 points, or 0.24%, at 45668.50.The China Earthquake Networks Center officially determined that a magnitude 3.9 earthquake occurred at 00:01 on January 9 in Longxi County, Dingxi City, Gansu Province (34.86 degrees north latitude, 104.60 degrees east longitude), with a focal depth of 10 kilometers.Market news: Morgan Stanley analysts warn that G10 currency markets may be underestimating “tail risks”—rare events with significant impact. Low volatility reduces the cost of hedging, creating a false sense of security, while geopolitical and central bank policy uncertainties remain. Investors are expected to remain cautious until trends become clearer.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.8 occurred at 00:01 on January 9 near Zhang County, Dingxi City, Gansu Province (34.83 degrees north latitude, 104.59 degrees east longitude). The final result is subject to the official rapid report.Bank of England: Two government bond auctions are being rescheduled due to spring forecasts and the timing of the Debt Management Office (DMO) auctions.

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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