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July 27th - A weekend pause in attacks between the US and Iran boosted market expectations for a potential resumption of energy transport through the Strait of Hormuz. European benchmark natural gas prices fell sharply in early trading on Monday. ICE data showed that as of 07:35 GMT, the near-month benchmark contract at the Dutch TTF gas hub fell €4.69 to €58.89 per megawatt-hour. The UK near-month gas contract fell 11.44 pence to 142.67 pence per British thermal unit (BTU). Last week, natural gas prices rose to their highest intraday level since March, influenced by 13 consecutive days of attacks between the US and Iran. However, prices retreated to a six-day low after the two countries suspended their attacks. Oil prices also fell sharply, with analysts at ING saying in a morning report that this reflected a "market eager for positive news." They stated, "While this is the first substantial sign of easing tensions, the underlying reasons remain unclear." They added that the ceasefire has not yet led to any significant rebound in shipping traffic through the Strait of Hormuz.The one-year implied yield on the dollar against the Indian rupee was 2.82%, down 10 basis points on the day. Traders said the Reserve Bank of India may be conducting dollar-rupee swap operations.Iranian Foreign Ministry spokesman Bagaei: The mediators conveyed a message from the United States to us, but we are not currently negotiating with Washington.Iranian Foreign Ministry spokesman Bagaei: Iran has not asked the United States to resume negotiations.Germanys July IFO Business Climate Index will be released in ten minutes.

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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