EUR/USD 1.16717
-0.011%
Gold 4658.82
0.005%
Oil 80.018
-0.821%
USD/JPY 158.914
-0.181%
GBP/USD 1.36454
-0.012%
GBP/JPY 216.851
-0.187%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 26, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," where officials from the Ministry of Industry and Information Technology introduced the progress made in implementing the 15th Five-Year Plan and accelerating the promotion of new industrialization. The press conference stated that during the 14th Five-Year Plan period, my countrys new industrialization continued to deepen and solidify, with a significant acceleration in the upgrading of industries towards "new, superior, intelligent, and green" development, successfully completing all the goals and tasks of the 14th Five-Year Plan.The yield on Japans 20-year government bonds fell 2.0 basis points to 4.040%.August 26th - The Bank of Korea (BOK) will announce its policy decision on Thursday, with analysts almost evenly divided on whether it will raise interest rates or keep them unchanged. Of the 31 analysts surveyed by The Wall Street Journal, 16 expect the BOK to implement its first consecutive rate hike in three years in July, while 15 expect it to hold rates steady until the fourth quarter. The market generally expects the BOK to raise its economic growth forecast for this year, given that inflation remains above its 2% target. Morgan Stanley economist Kathleen Oh stated that a "favorable macroeconomic backdrop" is sufficient to support a BOK rate hike in August; HSBC economist Jin Choi believes that given the apparent weakening of consumption, the BOK is in no hurry to raise rates. Barclays economist Bum Ki Son stated, "We believe there is a division within the Monetary Policy Committee between keeping rates unchanged and a precautionary rate hike."On August 26, NASA announced that two astronauts on the International Space Station successfully installed and connected a backup high-speed ground-to-air communication antenna during a spacewalk lasting approximately 6 hours and 30 minutes. The two astronauts who exited the spacecraft were NASA astronaut Anil Menon and European Space Agency astronaut Sophie Adno. During a spacewalk on August 18, they removed a malfunctioning ground-to-air communication antenna. Due to the lengthy operation, they were unable to install a replacement antenna that day. In this mission, the two successfully installed and connected the backup communication antenna and secured the previously removed malfunctioning antenna to a spare parts platform on the space stations truss structure.August 26th - Data released on Wednesday showed that Australias consumer price index (CPI) rose more than expected in July, driven by soaring fuel and travel costs, while core inflation also exceeded expectations, increasing the risk of another interest rate hike. Data from the Australian Bureau of Statistics showed that the CPI rose 1.0% in July compared to June, higher than the market forecast of 0.8%. The year-on-year CPI increase slowed to 3.5% in July from 3.8%, also higher than the market median forecast of 3.3%. The trimmed mean of the CPI, which assesses core inflation, rose 0.5% month-on-month, far exceeding the market expectation of 0.3%, while the year-on-year increase remained at 3.6%. The Reserve Bank of Australia has raised interest rates three times this year, aiming to bring core inflation back to its target range of 2% to 3%.

Forecast for Silver Price: XAG/USD is rising quickly and is approaching the $20.00 mark

Alina Haynes

Sep 15, 2022 11:43

 157.png

 

Silver price recovers around the 50-day exponential moving average and advances towards a daily high of $19.69 on Wednesday after the US Labor Department reported that August PPI was in line with predictions of diminishing inflationary pressures on the producer side. Therefore, the XAG/USD is trading at $19.61, 1.86% higher than its initial price.

 

Before Wall Street opened, the Bureau of Labor Statistics (BLS) of the United States reported that the Producer Price Index (PPI) for August decreased by 0.1%, in line with expectations, while the year-over-year figure fell to 8.7%, less than the 9.8% reported in July. Meanwhile, the so-called core PPI, which excludes volatile goods, increased by 0.4% month-over-month and 7.3% year.

 

In the meantime, the US Dollar Index, a measure of the dollar's value against a basket of six currencies, ended Wednesday's session down 0.15 percent, at 109.648, weighed down by US Treasury yields, particularly the 10-year benchmark note rate, which remained unchanged throughout the day at approximately 3.404%.

 

The US Dollar Index reflects the aforementioned by declining by 0.09% and falling below the 110.000 barrier. Similarly, the US 10-year benchmark note rate exhibits signs of weariness, remaining flat at approximately 3.414%.

 

The fact that US 10-year TIPS yields, a proxy for actual yields, rose by only one basis point to 0.939% was a further factor supporting the white metal price.

 

On Thursday, the US economic calendar will contain jobless claims, retail sales, and the New York and Philadelphia Fed Manufacturing Indices, which will serve as a precursor to the ISM report in October.

 

The daily XAG/USD chart depicts the white metal as neutral to bearishly biased. Nonetheless, if silver buyers recapture the $20,000 threshold, this might pave the way for a test of a four-month-old downslope trendline near $20.20 prior to reaching the 100-day EMA at $20.39. A breach of the latter will reveal the cycle high from August 15 at $20.87, ahead of the psychological milestone of $21.00.


Suggestion