EUR/USD 1.16850
0.061%
Gold 4511.04
-0.179%
Oil 85.988
0.076%
USD/JPY 159.089
0.024%
GBP/USD 1.36394
0.070%
GBP/JPY 216.993
0.104%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 21 – S&P Global Market Intelligences Deputy Director of Economics stated that Japans private sector continued its strong performance in August, with companies reporting the fastest output growth since February. Growth momentum improved in both manufacturing and services, with manufacturing performing particularly well, showing significant growth in both output and new orders. Furthermore, new export orders in the manufacturing sector recorded their fastest growth in eight and a half years, and the semiconductor and AI-related industries had a substantial backlog of new business. Easing cost pressures in August are a positive sign for Japanese companies. Although input costs still rose sharply due to the impact of the Middle East war on supply chains and energy prices, as well as the weak yen, the overall cost inflation rate has fallen to its lowest level in five months. However, with output price increases still near historical highs, companies may need to see a sustained slowdown in inflation before further reducing product prices. With improved business confidence compared to the previous month, strong sales growth, and continued employment increases, Japans private sector is expected to continue its strong performance, provided that it is not subjected to further shocks in terms of prices or demand.Musk: Reports that SpaceX is seeking to acquire Spectrum at a $6 billion valuation are untrue.Japans preliminary composite PMI for August was 53.4, compared to 52.7 in the previous month.Japans preliminary services PMI for August was 52.3, down from 51.2 in the previous month.August 21 - According to the Japan Meteorological Agency, a 4.2-magnitude earthquake struck off the coast of Okinawa Island, Japan, at approximately 9:01 a.m. local time on August 21. The maximum intensity of the tremor was 3, and the focal depth was 40 kilometers.

Forecast for Silver Price: XAG/USD is rising quickly and is approaching the $20.00 mark

Alina Haynes

Sep 15, 2022 11:43

 157.png

 

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.


Suggestion