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Japanese Finance Minister Satsuki Katayama: Our planned stimulus package is not necessarily expansionary; we recognize the need for sensible spending.Futures News, November 21st: Crude oil prices continued their downward correction, while fuel oil news remained bearish, with no positive support from the supply and demand perspective in the short term. Market participants lacked confidence in future trading, opting for cautious small-order purchases, putting pressure on refinery shipments. It is expected that todays negotiations will maintain a stable to slightly lower trend.November 21 – Japanese authorities have issued their strongest warning to date to the foreign exchange market regarding the sharp fluctuations in the yen, with the Finance Minister specifically mentioning intervention as an option in an attempt to curb the yens continued depreciation. Finance Minister Satsuki Katayama stated on Friday, "The government will take appropriate measures to address disorderly fluctuations in the foreign exchange market, including those driven by speculation, based on the approach outlined in the September Japan-U.S. joint statement. Since the September document from the Japan and U.S. finance ministers explicitly included foreign exchange intervention, this is naturally something we can consider." Katayama expressed deep concern about recent exchange rate movements, noting their extremely one-sided and rapid nature. Following Katayamas remarks, the yen briefly strengthened but subsequently gave back all gains, continuing to hover near its lowest level since January.Japans preliminary manufacturing PMI for November was 48.8, down from 48.2 in the previous month.Japans preliminary services PMI for November was 53.1, unchanged from the previous month.

XAG/USD approaches $24.00 as USD Index declines ahead of US PCE Price Index | Silver Price Analysis

Daniel Rogers

Mar 31, 2023 11:47

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During the early Asian session, the silver price (XAG / USD) is advancing rapidly towards the $24.00 round-level resistance. The precious metal has recorded a three-day winning stretch and is anticipated to maintain its upward trajectory due to the US Dollar Index's weakness. (DXY).

 

Despite decreasing concerns about a possible U.S. banking crisis, the price of silver is on an upward trend. Previously, investors supported bullion as a secure refuge to avoid volatility caused by the failure of three mid-tier US banks.

 

Despite the likelihood of additional rate hikes by the Federal Reserve, the USD index struggles to gain ground. (Fed). As US banking fears subside, one school of thought holds that Fed chair Jerome Powell may decide to raise interest rates further. In addition, Fed Chairman Powell anticipates one more rate hike in 2023. And that a rate raise at the Fed's May meeting would allow it to maintain higher rates for an extended period of time.

 

In the meantime, S&P500 futures have added to their gains in the Asian session following a positive close on Thursday, indicating an increase in market participants' risk tolerance.

 

The Fed's preferred inflation indicator, the US core Personal Consumption Expenditures (PCE) Price Index data, will remain in the spotlight moving forward. Analysts at Credit Suisse anticipate that the monthly reading will be rounded down to 0.3%, leaving year-over-year core inflation at 4.7%. Monthly headline inflation should be comparable to core inflation, but the year-over-year measure should fall to 5.1% due to the ease base effect.


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