EUR/USD 1.15094
-0.160%
Gold 4062.79
-0.994%
Oil 80.810
-2.224%
USD/JPY 160.382
0.548%
GBP/USD 1.34432
-0.163%
GBP/JPY 215.604
0.392%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Interest Rate Decision: 1. Interest Rate Decision: The Bank of Japan will maintain the policy rate at 1%, in line with expectations. 2. Voting Ratio: 8-1, with member Hajime Takada dissenting in favor of a 25 basis point rate hike. 3. Forward Guidance: The Bank of Japan will continue to raise interest rates based on economic and price developments and financial conditions. The impact of the Middle East situation on the timing and pace of rate hikes will be assessed. 4. Economic Outlook: GDP growth forecasts for fiscal years 2026 and 2027 have been revised upwards, with overall risks to the economic outlook balanced. 5. Inflation Outlook: Core CPI forecasts for fiscal year 2026 have been revised downwards, while those for fiscal year 2027 have been revised upwards. Underlying inflation is approaching 2%, and core inflation may exceed the 2% target. 6. AI Impact: The impact of global AI demand and future foreign exchange developments on the economy and prices must be closely monitored. Kazuo Uedas Press Conference: 1. Interest Rate Outlook: The Bank of Japan expects to continue raising interest rates. Policy will not be delayed until inflation is fully stable at 2%. The Bank will ensure it does not fall behind the current situation. 2. CPI Outlook: There are upside risks to potential CPI, which may exceed the 2% price stability target. CPI growth is expected to decline to around 2% in the latter half of the forecast period. 3. GDP Forecast: Real GDP growth is expected to be roughly in line with the April outlook report. 4. Other: Attention is focused on how higher memory chip prices may push up overall prices. Artificial intelligence spending itself has driven up prices.Note: The press conference of Bank of Japan Governor Kazuo Ueda has ended.Germanys seasonally adjusted unemployment figures and unemployment rate for July will be released in ten minutes.Bank of Japan Governor Kazuo Ueda: Committee members have differing views on the inflation outlook, and we hope to reach some conclusion on this starting with the next monetary policy meeting.Goldman Sachs lowered its price target for Apple (AAPL.O) to $360 from $370, but maintained its buy rating.

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