EUR/USD 1.13722
0.025%
Gold 4069.03
0.380%
Oil 82.656
-6.650%
USD/JPY 163.740
-0.066%
GBP/USD 1.33090
-0.089%
GBP/JPY 217.927
-0.154%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 27th - HSBC economist Paul Mackel stated in a report that unless the Federal Reserve unexpectedly raises interest rates, its decision this week is unlikely to provide a new catalyst for a dollar rally. Fed Chairman Warsh has acknowledged that inflation is above target and expressed a commitment to price stability. He said that if this weeks meeting merely aligns with these views, the dollar is unlikely to rise significantly, as the market is already priced in a rate hike later this year. "However, we also recognize that some are considering the idea of a surprise rate hike by the Fed, just as it did unexpectedly in February 1994," he said. He added that if the market welcomes it as a move of caution, it would boost the dollar.The Dallas Fed Business Activity Index for July will be released in ten minutes.July 27th - Citigroup traders are betting that the Federal Reserve will keep interest rates unchanged this week. According to Akshay Singal, the banks global head of short-term interest rate trading, their positions will be profitable if the Fed keeps rates stable. Singal stated, "We still maintain our expectation that rates will remain unchanged." He added that Fed Chairman Warsh has clearly stated his desire for the market to focus on data, and the data indicates that the Fed currently does not need to raise rates.Baker Hughes: The impact of the conflict in Iran on some projects and supply chains is expected to be offset by strong performance in other regions.Russian Foreign Ministry Spokesperson: (Regarding the Ukraine issue) We are willing to consider new ideas and suggestions.

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