EUR/USD 1.14606
-0.128%
Gold 4209.05
1.288%
Oil 75.012
-1.849%
USD/JPY 161.718
0.268%
GBP/USD 1.32339
0.008%
GBP/JPY 214.022
0.278%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On June 22, Pakistani Prime Minister Nawaz Sharif announced that the first meeting of the High Committee under the Islamabad Memorandum of Understanding had concluded successfully in Burgenstock, Switzerland. The discussions took place in a positive and constructive atmosphere, achieving encouraging progress, including agreement on a roadmap for reaching a final agreement within 60 days, the establishment of a high-level committee to provide political oversight, and the initiation of further technical negotiations. He praised the leadership of the United States and Iran for their continued commitment to constructive engagement and thanked all friendly and brotherly nations for their valuable support in advancing this historic process. He pledged that Pakistan will continue to play an honest and sincere role in promoting dialogue and diplomacy towards a peaceful and lasting solution.June 22nd Futures News: 1. Greige Fabric Inventory: As of June 22nd, greige fabric weaving inventory was approximately 32.8 days. Currently, greige fabric prices are unlikely to rise, and profit margins are being squeezed by raw material demand. Market sentiment is cautious, leading to a continued increase in greige fabric inventory. 2. Loom Operating Rate: Subsequent orders are showing weakness, with shipments of conventional fabrics under pressure and transactions slowing down. Downstream end-users willingness to purchase and stock up is weak, and the operating rate remained stable at 59.1% this week. 3. Greige Fabric/Fabric Trading: According to data monitoring and analysis from 350 price-collecting units, the Ministry of Commerces China•Shengze Silk and Chemical Fiber Index declined on June 22nd. Among them, the chemical fiber fabric price index closed at 101.13 points, a decrease of 0.03 compared to the previous trading day.Pakistani Prime Minister Sharif: The first high-level committee meeting between Iran and the United States concluded successfully in Switzerland. Agreements were reached to establish a high-level political oversight committee and to initiate further technical negotiations.On June 22, Keir Starmer announced his resignation as British Prime Minister, his popularity plummeting after leading the Labour Party to power by a landslide two years ago. Starmers departure paves the way for Andy Burnhams succession. The Labour Party member, a longtime mayor of Manchester, won a parliamentary seat last week, qualifying him to challenge for the premiership. Starmers departure means Britain will welcome its fifth prime minister since 2022, a shocking milestone for a political system once known for its stability. Starmer stated, "The question facing my party now is whether I am still the best person to lead us into the next general election. I have heard the answer to that question from the parliamentary caucuses." He added, "I gladly accept that answer." Starmer said the nomination process for the new Labour leader will begin on July 9 and be completed by September 1, and he will remain in office until the process is finished. He stated he will "do everything possible to ensure a smooth transfer of power."KWG Group Holdings Limited (01813.HK): Today, the High Court of Hong Kong has further postponed the hearing of the winding-up petition to December 14, 2026. The Company will inform its shareholders and investors of any material developments concerning the petition and will issue further announcements in due course.

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