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On August 12, Honor CEO Li Jian revealed at a new product launch event that the number of pre-orders for the Honor Robot Phone has exceeded 400,000 units.August 12th - Data from the U.S. Department of Labor shows that U.S. electricity prices rose 4.2% in July compared to the same period last year. With many U.S. residents turning on air conditioning during the hottest month on record, higher electricity bills are expected. In recent months, electricity price increases have outpaced overall inflation, placing additional pressure on consumers energy expenditures on top of rising fuel costs.August 12th - According to CBS News, U.S. inflation slowed for the second consecutive month, rising 3.4% year-over-year in July, in line with economists expectations, indicating that some price pressures may be easing. Moodys Analytics chief economist Mark Zandi pointed out before the July CPI data release that the average daily gasoline price in July was about 10 cents lower than in June. Data from the U.S. Bureau of Labor Statistics also showed that gasoline prices fell 2.9% month-over-month in July. Zandi added that if there is no further escalation in the Iran war, inflation may have peaked and could continue to decline for the remainder of the year, potentially falling to near the Federal Reserves 2% annual inflation target by the same period next year.UBS said on August 12 that, overall, today’s US CPI report was quite close to our expectations and consistent with our previous view that US inflation peaked in May and is slowly declining, although this slowdown may be uneven.August 12th - Analyst David Uberti stated that inflation has cooled in recent months, partly due to a slight decline in gasoline prices. However, this situation is likely to change in August. Data from the U.S. Department of Labor shows that gasoline prices fell 2.9% month-over-month in July, while fuel oil prices fell 1.7%.

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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