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On September 1st, European Central Bank (ECB) Governing Council member Rehn stated that the ECB must prepare for a potential prolonged "consumption conflict" in the Middle East, which could lead to persistently high inflation in the Eurozone. Rehn said, "We must not be complacent about these inflationary pressures." He noted that energy prices have continued to rise due to the conflict in the Middle East and the near closure of the Strait of Hormuz. "We must not allow any affordability crisis in Europe," he said. Rehns remarks mark a shift in the policymakers stance, as he had previously focused more on growth risks than inflation, indicating a growing support for tightening policies within the ECB Governing Council. Last week, ECB Executive Board member Schnabel, one of the banks most prominent hawks, publicly called for another interest rate hike in September.XPeng Motors (XPEV.N): Delivered 39,107 vehicles in August 2026.Russian news agencies, citing the local governor, reported that Novokubishevsk, a city in Russias Samara region, was attacked by drones.September 1st - According to the Financial Times, a senior European Central Bank (ECB) policymaker warned ahead of market expectations of a rate hike next week that the bank must prepare for a potential protracted "war of attrition" in the Middle East, a conflict that could keep eurozone inflation high. ECB Governing Council member Rehns remarks are expected to reinforce market expectations of a 25-basis-point rate hike next week. Rehn stated, "We must not be complacent in the face of these inflationary pressures," referring to energy prices driven up by the conflict and the near closure of the Strait of Hormuz. He added, "We cannot afford any burdensome crisis in Europe." Rehns comments mark a hawkish shift in the policymakers stance, who until recently prioritized economic growth risks over inflation risks, indicating growing support for tightening policy within the ECB Governing Council.ECB Governing Council member Rehn: The "war of attrition" in Iran could lead to persistently high inflation.

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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