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Silver price (XAG/USD) extends gains for the second successive session, trading around $49.20 per troy ounce during the Asian hours on Monday. The upside of the Silver price could be restrained amid improving market sentiment as US Senate appeared on track to pass a deal to reopen the government.US Senate advances government funding bill to end shutdown, moving it closer toward passage by voting 60-40 in first approval on extending the enhanced Affordable Care Act subsidies. The amended proposal would still have to be passed by the House of Representatives and sent to President Donald Trump for his signature, a…

The Bank of Japan (BoJ) published the Summary of Opinions from the October monetary policy meeting, with the key findings noted below.   Key quotesOne member emphasized checking initial momentum toward next year’s wage talks as firms firm up plans after US tariffs set at 15%.Future policy decision key to whether firms maintain positive wage-setting behaviour.Uncertainty remains over outlook but Japan will see environment fall into place to adjust policy rate depending on economic, price outlook.One member commented no need to hurry to increase interest rate but must raise without losing appropriate timing.One member indicatesdconditions for advancing towards policy normalization are nearly…

In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. | Photo Credit: JASON LEE India’s foreign exchange reserves declined by $5.623 billion in the week that ended October 31 to $689.733 billion, driven by a slump in both foreign currency assets and gold reserves, the Reserve Bank of India’s latest ‘Weekly Statistical Supplement’ data showed.Over the past month, the forex kitty has been in a downtrend, except for one week. Still, the country’s foreign exchange (forex) kitty is hovering close to its all-time high of $704.89 billion,…

The U.S. dollar fell against major currencies including the euro and Swiss franc on Friday as investors sought to balance the Federal Reserve’s hawkish tilt against lingering concerns over the U.S. economy. U.S. Treasury yields were slightly lower amid the extended government shutdown in Washington. The Labor Department did not release an October jobs report as scheduled on Friday because of the shutdown. Such reports are normally closely watched. The yield on benchmark U.S. 10-year notes fell 0.2 basis point to 4.091%. Investors were assessing the fallout from data that sounded an alarm bell for the global economic outlook: Chinese…

The Dow Jones Industrial Average (DJIA) took another leg lower on Friday, testing below the 46,800 level for the first time in almost three weeks before barely managing to squeeze back to flat for the day as an AI stock pullback and withering consumer survey results drag down both sides of the investment-consumption equation. Friday would have seen the release of the latest US Nonfarm Payrolls (NFP) jobs report, but the ongoing US government shutdown, which is officially the longest shutdown in US history, is crimping the flow of official data, leaving investors to grapple with volatile private data, and…

The USD/JPY stages a recovery on Friday with buyers claiming 153.00, an indication that the uptrend might resume in the short term. The 100-pip or 0.68% Thursday’s loss was offset by traders buying the US Dollar due to its close correlation with the US 10-year Treasury note yield, which was steady during the trading day.USD/JPY Price Forecast: Technical outlookThe USD/JPY technical picture shows that buyers regained momentum at around 153.00 with the next support level seen at the 20-day SMA at 152.52. Although buyers kept the exchange rate from falling to 152.80, a breach of the latter opens the door…

EUR/USD trimmed some of its previous losses and rises 0.16% on Friday’s late in the North American session, amid a scarce economic docket in both sides of the Atlantic. The US government shutdown extension to its 38th day and the light docket in Europe, keeps the pair trading within familiar levels around 1.1560.Euro gains modestly as traders shun the Dollar amid US government shutdownThat lack of data in the US increased uncertainty in the financial markets, as seen by Wall Street indices, plunging due to different reasons. Alongside the government shutdown, investors seem anxious about AI related companies being overvalued,…

Gold price (XAU/USD) advances during the North American session on Friday, up 0.64% as the US government shutdown extends, while risk aversion keeps US equity markets poised for weekly losses. At the time of writing, Bullion trades at $4,002 after bouncing off daily lows of $3,974.Bullion gains 0.64% amid risk aversion and growing bets for a December Fed rate cutUncertainty continues to surround the US economy, as shown by the University of Michigan preliminary Consumer Sentiment for November. The index reached its lowest level since June 2022 amid the COVID emergency, showing that households are expressing worries “about potential negative…

Federal Reserve Governor Stephen Miran spoke about stablecoins and monetary policy at the Blockchain & Venture Capital Summit in New York on Friday. He said that a lot of stablecoin usage would likely lower the neutral rate, and that Widespread stablecoin usage could push up the dollar’s value.Key TakeawaysWidespread stablecoin usage could increase risk of hitting zero lower bound. Lots of stablecoin usage would likely lower the neutral rate. I am encouraged by stablecoin integration into the financial system.Wide stablecoin usage could push up the dollar’s value.The rise of stablecoins could drive even wider use of the dollar.Widespread use of…

Silver (XAG/USD) trades little changed on Friday, hovering near $48.30 at the time of writing after easing from intraday highs, as the market remains directionless heading into the weekend. The metal has struggled to find fresh catalysts this week, consolidating within a narrow band despite lingering uncertainty in global markets.XAG/USD Daily ChartThe metal has been consolidating within a well-defined horizontal range between $46.00 and $49.50 for nearly two weeks, reflecting an accumulation phase following its sharp retreat from the record high of $54.86 reached on October 16.The 21-day Simple Moving Average (SMA) near $49.46, and the 50-day SMA around $46.32…