Silver Price Forecast: XAG/USD climbs above $18.60 amid a soft US Dollar, high US bond yields – by christianborjon Silver XAGUSD Metals Fed CentralBanks
Silver climbs despite Fed’s hawkish commentary and mixed US data
Given that the Federal Reserve’s measures had already impacted segments of the economy, some are lagging, like the labor market. The US Department of Labor reported that unemployment claims for the last week rose by just 214K less than the 228K foreseen by analysts. At the same time, the Philadelphia Fed reported business conditions for the area contracted by 8.7, more than estimates but less than September’s 9.9 fall.
In the meantime, the US Dollar Index, a gauge of the buck’s value against a basket of peers, is trimming some earlier losses, down by just 0.05% at 112.849, a headwind for XAG/USD. US bond yields continue to rise, with the 10-year rate extending its gains by eight bps, hitting 4.215%, its highest level since 1990.XAG/USD is downward biased, despite the ongoing bounce from weekly lows, around $18.20s.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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