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Germanys preliminary April CPI figure will be released in ten minutes.On April 29, an official from the United Arab Emirates (UAE) stated on Wednesday that the UAE is reassessing its role and contributions in multilateral organizations, but is not currently considering further withdrawal. This comes a day after the UAE announced its withdrawal from OPEC and OPEC+. Speculation has arisen that the UAE may subsequently withdraw from the Arab League or the Gulf Cooperation Council (GCC). The UAE, one of OPECs largest oil producers, has widened the rift with Saudi Arabia. The two countries, once staunch allies, now compete fiercely over oil policy, geopolitics, and human capital. Since the outbreak of the Iran-Iraq War, the UAE has been reassessing its alliance and criticizing the GCCs handling of the conflict. UAE senior official Gargash stated at a meeting on Monday that the GCCs political and military stance is "the weakest in history." He emphasized that "strategic autonomy remains the UAEs enduring choice."The Kuwaiti Prime Minister will discuss the impact of the UAEs withdrawal from OPEC with the oil cabinet.April 29 – OPECs International Development Fund has launched a $1.5 billion aid program to help developing countries cope with the growing economic pressures caused by disruptions to energy, commodities, and trade resulting from the war with Iran. The Vienna-based organization stated that the funds will be allocated in a demand-driven manner between now and 2028 to help governments cope with rising costs and ensure the supply of critical commodities such as food, energy, and fertilizers.On April 29th, BNP Paribas economist Paul Hollingsworth stated in a webinar that inflationary pressures from high energy prices could prompt the Bank of England to raise interest rates twice in 2026. He noted, "We believe the nature of the (oil supply) shock, coupled with the stickiness of underlying inflation, will justify a rate hike by the Bank of England." Data from the London Stock Exchange shows that the market has fully priced in the possibility of two 25-basis-point rate hikes by the Bank of England before September, and considers a third rate hike by the end of the year to be 64%.

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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