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On February 21, Paul Ashworth, chief economist for North America at Capital Economics, stated that the Trump administration has several other ways to implement trade barriers, potentially resorting to Section 122 of the Trade Act of 1974 or invoking Section 338 of the original Smoot-Hawley Tariff Act of 1930. Regarding refunds, Ashworth estimated the amount would reach approximately $120 billion, representing 0.5% of GDP. Justice Brett Kavanaugh, who wrote the main dissenting opinion on the ruling, noted that "this process is likely to be a chaotic affair, as acknowledged in the oral arguments."February 21st - Ian Lingen, Head of U.S. Interest Rate Strategy at BMO Capital Markets, stated that market participants largely anticipated the Supreme Courts ruling, so the limited reaction in the U.S. interest rate market was not surprising. James Assy, Portfolio Manager at Marshall Investment Management, said the reaction has been quite mild so far. The market is unsure what to do. The real big question would have been any talk of refunds. I think this news is slightly bearish for U.S. Treasuries. This is a short-term negative for the budget, so it should be bad for Treasuries. But its really hard to see how this will actually work – its very complex.The German DAX 30 index closed up 231.37 points, or 0.92%, at 25249.35 on Friday, February 20th; the UK FTSE 100 index closed up 63.16 points, or 0.59%, at 10690.20 on Friday, February 20th; and the French CAC 40 index closed up 116.71 points, or 1.39%, at 8515.49 on Friday, February 20th; the Euro... The Stoxx 50 index closed up 70.58 points, or 1.16%, at 6130.20 on Friday, February 20; the Spanish IBEX 35 index closed up 162.72 points, or 0.90%, at 18180.22 on Friday, February 20; and the Italian FTSE MIB index closed up 675.28 points, or 1.47%, at 46469.50 on Friday, February 20.The Federation of German Industries (BDI) stated (regarding the US Supreme Courts tariff ruling) that, with Berlins support, the EU should promptly engage with the US to clarify the impact of the current ruling on the EU-US trade agreement.The World Trade Organization declined to comment on the U.S. Tariff Courts ruling.

Silver Price Analysis: XAG / USD hovers around $20.00 ahead of US NFP

Alina Haynes

Mar 10, 2023 11:25

 截屏2022-06-07 下午5.18.01.png

 

Silver price continues to trade sideways on Thursday, in the absence of a catalyst, prior to the release of crucial US economic data. The Mexican Peso (MXN) is depreciating as a result of investors' risk aversion ahead of the US Nonfarm Payrolls report for February. At the time of writing, the XAG / USD exchange rate was $20.05, an increase of 0.19%.

 

XAG / USD remained steady throughout the day, unable to break above or below the $19.98-$20.28 range. However, investors should be aware that Silver fell below the 200-day Exponential Moving Average (EMA) at $21.80, indicating a downward bias for the precious metal. Notably, the 50-day EMA is approaching the 200-day EMA, and once it crosses below the latter, a death cross would exacerbate a decline toward the $18.84 daily low from November 3.

 

But first, XAG / USD must surpass the YTD low of $19.92. A breach of the latter will expose the psychological level of $19.00, followed by the daily low on November 3 at $18.84.

 

In an alternative scenario, the first level of resistance for XAG / USD would be the daily high of $20.06. Once cleared, the next resistance level would be the daily low-turned resistance from February 28 at $20.43, followed by the daily low-turned resistance from November 28 at $20.87.


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