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August 11 - The Reserve Bank of Australia (RBA) kept its benchmark interest rate unchanged at 4.35%, marking the second consecutive meeting without taking action, in line with market expectations.China Everbright Water (01857.HK): Revenue for the first half of the year was HK$2.39 billion, a decrease of 27% compared to the same period last year. Profit attributable to equity holders of the company was HK$517 million, a decrease of 8% compared to the same period last year.On August 11th, it was reported that Douyins lifestyle services platform, "Doubao," began implementing a separate fee rate for hotel bookings through this specific channel: a software service fee of 11.4% plus a 0.6% payment processing fee, resulting in a total fee rate of 12%. This sparked online discussions and debates regarding whether Doubao charges for hotel recommendations and whether this fee constitutes advertising. In response, Liu Xing, Doubaos public relations manager, stated that Doubaos lifestyle services currently do not involve paid promotion, and Doubao does not charge advertising fees for hotel recommendations. Merchants cannot influence recommendations or rankings through payment; they only pay a channel service fee after an order is completed.The Reserve Bank of Australia will release its interest rate decision and monetary policy statement in ten minutes.The National Bank of Kazakhstan reported that net gold and foreign exchange reserves in July totaled $61.724 billion (a 3.2% increase month-on-month).

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

Alina Haynes

Sep 15, 2022 11:43

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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.


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