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On September 13th, it was reported that the summit originally scheduled for July 22nd, aimed at finalizing a reset agreement for the UK-EU relationship after Brexit, was postponed. The two sides subsequently quietly set the meeting date for November 6th. However, the Financial Times, citing two EU officials, stated that this date has now been postponed again, and the earliest it could be reached is the end of November. British officials insist that the summit should discuss new British Prime Minister Andy Burnhams concerns about the "Make in Europe" plan. This plan proposes prioritizing spending by some public sector and businesses on purchasing EU-made products, a move the British government fears will negatively impact British industries such as automobiles and chemicals.According to IRNA, sources say that sirens were sounded and explosions were heard in the southern Saudi city of Khamis Mushait and Abha.Saudi Arabias Civil Defense: The danger alert for the Khamis Mushait region has been lifted.On September 13, Wang Yi stated that the visit was pragmatic, efficient, precisely targeted, and fruitful, achieving complete success and realizing three strategic goals. First, it enhanced the effectiveness of BRICS cooperation. Twenty years ago, Brazil, Russia, India, and China held their first foreign ministers meeting during the UN General Assembly, marking the beginning of BRICS cooperation. Guided by the BRICS spirit of openness, inclusiveness, and win-win cooperation, the BRICS countries transformed their differences into a driving force for mutually beneficial cooperation, regarding their individual successes as the cornerstone of common development, forming a comprehensive and multi-layered cooperation framework, and becoming a veritable leading force in the Global South and the primary platform for South-South cooperation. Second, it empowered the Global South. The rise of the Global South is a clear sign of the great changes in the world. At the same time, the current international governance system is not adapted to the changing times; the representation and voice of the Global South countries are severely insufficient, and their legitimate demands have not received due attention. This imbalance has not only hindered the pace of development of developing countries but also weakened the international communitys ability to work together to address common challenges. The world expects BRICS countries to better represent and safeguard the common interests of the Global South and play a greater role in reforming and improving global governance. Thirdly, it guides China-India relations. Following the Kazan and Tianjin meetings, President Xi Jinping and Prime Minister Modi held another bilateral meeting, which attracted widespread international attention. Under the strategic guidance of the two leaders, China-India relations have gradually emerged from their low point, moving from a "restart" to a "re-elevation," with cooperation lists continuously expanding, trade volume reaching new highs, and people-to-people exchanges becoming more active. The improvement and development of China-India relations is not only welcomed by the more than 2.8 billion people of both sides, but is also an essential aspect of strengthening cooperation in the Global South.Saudi Arabias Civil Defense has issued an emergency alert to Khamis Mushait and Abha, warning residents of potential dangers.

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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