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On April 16, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "US President Trump said yesterday that he believes China will not stop buying Iranian oil. He also said he would impose sanctions on countries that buy Iranian oil. What is Chinas comment on this?" Guo Jiakun stated that China has consistently opposed illegal unilateral sanctions that have no basis in international law and are not authorized by the UN Security Council.On April 16th, Suren Thiru, an economist at the Institute of Chartered Accountants, stated that the unexpectedly strong growth in the UK in February would soon be overshadowed by the impact of the war with Iran. GDP grew by 0.5% that month, higher than the expected 0.2%. He said, "Given that the unexpectedly strong growth in February has been far outpaced by new energy and supply chain shocks, these figures are unlikely to alleviate stagflation concerns." This is expected to affect investment and consumer spending over the next year, thus dampening economic growth. Thiru indicated that the Bank of England is likely to keep interest rates unchanged for the time being, as the squeeze on growth will suppress inflation.The Bank of Japan announced that it will hold a meeting of bond market participants from May 21 to 22.April 16th - According to the BBC, Bank of England Governor Bailey stated that the central bank is "not in a hurry" to make a decision on interest rate hikes in the face of the energy price shock caused by the war with Iran. He pointed out that rising oil and gas prices will certainly affect prices, but other factors make interest rate decisions "very, very difficult." Bailey said, "We are not in a hurry to make judgments on these things because there is a lot of uncertainty in this area, not only about how things will develop, but also how it will be transmitted to the UK economy." The IMF lowered its economic growth forecast on Tuesday, warning that if the war escalates and oil prices remain above $100 until 2027, the global economy may face the risk of recession, with the UK receiving the largest downward revision among large, wealthy economies.Ukrainian President Zelensky: Aid supplies to Ukraine should be delivered on time.

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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