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On August 12th, analyst Giuseppe Dellamotta stated that silver has been steadily rising since last Tuesday, boosted by hopes of a US-Iran deal, with a weaker-than-expected non-farm payroll report providing further support. However, the upward momentum appears to be weakening and may require support from todays US CPI data to continue its gains. The CPI data is crucial for the September FOMC decision and Fed Chairman Warshs speech at the Jackson Hole symposium. Market focus will be on the core CPI month-on-month data, which is expected to be 0.2%. If the data is higher than expected, it could trigger a short-term sell-off, with traders increasing their bets on interest rate hikes. Conversely, if the data is weak or even in line with expectations, it should further reduce the risk of the Fed tightening policy and provide new upward momentum for silver.Citigroup raised its price target for AMD (SMCI.O) from $33 to $39.According to the Washington Post, the Trump administration plans to spend at least $900 million on White House construction.August 12th - Market sources indicate that Pakistan has stated the deadline for the US-Iran memorandum of understanding could be extended.On August 12th, according to Qichacha APP, Beijing Moons Dark Side Technology Co., Ltd. recently underwent an industrial and commercial registration change, with its registered capital increasing from 1.5236 million yuan to 2.2385 million yuan. Qichacha information shows that the company was established in 2023, and its business scope includes: development of basic artificial intelligence software; development of artificial intelligence application software, etc.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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