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On August 18th, Ashley Webb, Chief UK Economist at Capital Economics, stated that the rise in the UK unemployment rate in June indicates continued weakness in the labor market, supporting the view that the labor market will not contribute to a second round of inflation, and that the Bank of England will not raise interest rates further from 3.75%. The UK unemployment rate rose from 4.8% in the three months to May to 4.9% in the three months to June, while the monthly unemployment rate rose from 4.6% to 5.4%. Webb stated that all of these figures paint a picture of a weak labor market, and that the labor market continues to cool.At midday closing, most domestic futures contracts rose, with SC crude oil up nearly 6%, fuel oil up over 5%, liquefied petroleum gas (LPG) up nearly 5%, ethylene glycol (EG) up over 4%, and low-sulfur fuel oil (LU), synthetic rubber, and benzene up over 3%. On the downside, polysilicon fell over 4%, eggs, tin, and international copper fell over 1%, and copper and red dates fell nearly 1%.Iranian Revolutionary Guard Deputy Commander-in-Chief Izadi: The enemy has failed to destroy Irans defense capabilities and nuclear industry.On August 18th, Republican Rob Arlett stated that while Trump and Israeli Prime Minister Netanyahu share the same ultimate goal in Gaza, they have significant differences in specific tactics for achieving it. Both leaders agree that Hamas cannot be held responsible for the security, military, or even political affairs of the Gaza Strip, but their disagreement lies in the order of steps. The problem is that Trump believes a phased approach is necessary, gradually de-escalating the situation and disarming, while Netanyahu disagrees, wanting Hamas to completely disarm before Israel takes action. Trumps position is partly driven by considerations of his political legacy. He not only wants a peace agreement in Gaza but also agreements on Iran and other issues. He wants to be remembered as a "peace president." Domestic politics further complicate the positions of both leaders, with Israel facing elections and the US facing midterm elections. However, Netanyahu understands that Trump "holds the initiative" in this relationship.Market news: Japan is considering providing support for tanker reinsurance.

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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