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July 15th - The 2026 National Civil Aviation Mid-Year Work Video Conference was held in Beijing on July 15th. Song Zhiyong, Director of the Civil Aviation Administration of China (CAAC), pointed out that in the first half of the year, the entire industry completed a total transport turnover of 83.37 billion ton-kilometers, passenger traffic of 380 million passenger trips, and cargo and mail traffic of 5.073 million tons, representing year-on-year increases of 6.4%, 1%, and 6%, respectively. A total of 7.146 million transport flight hours and 2.683 million flights were completed, with the rate of human-caused incidents per 10,000 flight hours decreasing by 20.6% year-on-year. The flight regularity rate was 93.5%, and the near-gate docking rate at airports with over 10 million passengers reached 87.5%. The total number of registered drones exceeded 4.788 million, accumulating 26.414 million flight hours, a year-on-year increase of 8%.European Commission President Ursula von der Leyen: The European Commission has approved a plan to use €10 billion in EU loans for drones, missiles and fighter jets in Ukraine.Both WTI and Brent crude oil prices fell by nearly $1 in the short term, to $79.7 per barrel and $84.7 per barrel, respectively.On July 15th, the Bank of Canada kept its policy rate at 2.25%, marking the sixth consecutive meeting without changing the rate, in line with market expectations. Policymakers believe the Canadian economy is recovering, and inflationary pressures driven by oil prices are fading. In its Monetary Policy Report, the Bank of Canada stated, "After a year of weakness, the Canadian economy is showing signs of improvement. Economic growth is expected to pick up, and inflation is expected to gradually decline from its recent highs. However, uncertainty remains high." The Bank of Canada stated in its rate statement that current borrowing costs remain appropriate to support the economic recovery and push inflation back to its 2% target. The central bank stated, "The Governing Council will continue to assess the resilience of the Canadian economy and the inflation outlook, and is prepared to adjust monetary policy as needed." The Bank of Canada expects economic growth to reach 2.5% annualized in the second quarter and 1.5% in the third quarter. Due to the weak economic performance at the beginning of the year, officials had previously significantly lowered their 2026 economic growth forecast to 0.7%, but simultaneously raised their growth forecasts for 2027 and 2028 to 1.8% each. The Bank of Canada expects overall inflation to average 2.5% in 2026, up from its previous forecast of 2.3%, and anticipates it to return to the central bank’s 2% target level by early next year.The Bank of Canada removed its comments regarding interest rate cuts.

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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