Commodities

Silver continues to bounce off 3-week high, as dollar falls

2019-04-15 10:48:51 GMT (Economies.com)

Silver futures fluctuated lower in a tight range during the Asian session, to bounce in the third session of five from its highest since March 28, ignoring the US dollar fall for the seventh session of 10 from its highest since the eighth of March. despite the inverse relationship between them, on the threshold of developments and economic data expected on Monday by the US economy.

 

As of 04:51 GMT, silver futures (May 15 delivery) fell 0.13% to currently trade at $14.91 an ounce, resuming to bounce off three-week high from the opening at $14.93 per ounce, while the dollar index fell 0.06% to 96.86, showing a drop from highest in six weeks compared to the opening at 96.93.

 

Markets are currently looking for the US economy to release its reading for the New York Manufacturing Index, which may reflect a widening to 8.1 vs. 3.7 in March, coinciding with a CNBC TV interview with FOMC member and Reserve Bank of Chicago President, Charles Evans, before he delivers a speech about the economy and monetary policy at the New York Association for Business Economics luncheon.

 

Otherwise, we have followed yesterday the Financial Committee meeting for the International Monetary Fund, which is the main advisory committee of one hundred and eighty-nine member countries of the International Monetary Fund, through which the ministers of finance and governors of central banks worldwide after the three days of the IMF in Washington meetings stated, that they are ready to act quickly to support global economic growth which faces downside risks including trade tensions.

 

US Treasury Secretary Steven Mnuchin recently noted that his country's trade talks with China have been positive, but a trade agreement has yet to be reached between the world's largest economies. Whilst the positive economic data released last week by the Chinese economy has reduced investors' slowdown concerns about the world's second largest economy in recent times.

 

The positive start of the business results disclosure season for major US banks and banks in the first quarter of this year helped to stimulate investors' risk appetite. The global equity indices gained wide gains as liquidity shifted from safe havens, particularly precious metals, specifically gold and silver. To the US dollar, which has recently become a safe haven until the vision becomes clear.

 

In addition to Wall Street's major companies and banks positive release of their quarterly earnings reports for the first quarter of this year, which have, in turn, supported investors' risk appetite, while boosting the performance of global stock indices as well as dragging liquidity from safe havens assets, especially Gold, silver, and the US dollar which have been recently taken as a safe haven due to unclarity surrounding the global economic scene.

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