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Silver price registers gains of over 1%, yet it is trading below the ‘head and shoulders’ neckline, an indication that the overall trend in the short-term may be tilted to the downside. The XAG/USD trades at $64.24, after bouncing off daily lows of $62.94.XAG/USD Price Forecast: Technical OutlookThe white metal is poised to trade sideways if it struggles to clear the neckline at around $64.10-$64.15, with bearish momentum continuing to build. Although Silver is positive in the day, momentum is tilted to the downside, as indicated by the Relative Strength Index (RSI) below the 50 neutral level, despite aiming higher.If…
The US Dollar Index (DXY) closes the week near the 99.00 zone, little changed on the day and holding the ground it clawed back after a brief wobble on Thursday’s US inflation release. The Greenback enters a defining week in a familiar spot, firmer in tone, but still unable to turn a hawkish rates story into a decisive breakout. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc. USDEURGBPJPYCADAUDNZDCHFUSD0.14%-0.10%-0.48%0.26%-0.21%-0.22%0.46%EUR-0.14%-0.24%-0.57%0.12%-0.36%-0.43%0.33%GBP0.10%0.24%-0.35%0.37%-0.13%-0.17%0.58%JPY0.48%0.57%0.35%0.73%0.25%0.18%0.94%CAD-0.26%-0.12%-0.37%-0.73%-0.48%-0.55%0.21%AUD0.21%0.36%0.13%-0.25%0.48%-0.05%0.70%NZD0.22%0.43%0.17%-0.18%0.55%0.05%0.76%CHF-0.46%-0.33%-0.58%-0.94%-0.21%-0.70%-0.76% The heat map shows percentage changes of major currencies against each…
ING analysts Chris Turner and Padhraic Garvey argue the Bank of Japan is likely to hike 25bp to 1.25% and then proceed cautiously. They see government resistance to aggressive tightening and project two additional 25bp hikes in January and April, taking the policy rate to 1.75%, which they view as near‑neutral ahead of a temporary consumption tax cut.BoJ seen hiking but staying cautious”Formal communication from the BoJ this year has acknowledged that the real policy rate is negative and needs to be raised. Various BoJ speeches have discussed the concept of a neutral rate, which most see in the 1.1-2.5%…
US Treasury yields fall during the North American session on Friday following the release of US inflation data, but are poised to finish the week higher. The US 10-year Treasury yield is down one basis point to 4.951% but has gained over 16 basis points, or 3.49%, this week.US yields cool, but the week’s inflation scare still bitesThe US 30-year yield falls two basis points to 5.34% after hitting its highest level since 2007 at 5.38%, due to surging Oil prices fueled by the escalation of the US-Iran conflict, which has spread to Yemen, Houthis versus Saudi Arabia.Recent US inflation…
Silver (XAG/USD) rebounds sharply on Friday, trading around $64.30 at the time of writing, up 1.13% on the day. The white metal recovers after briefly falling to a three-week low of $62.94 in the immediate reaction to the latest United States (US) inflation figures.The US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 3.4% YoY in August, unchanged from the previous month and in line with market expectations. On a monthly basis, headline inflation increased 0.4%, accelerating from the 0.1% rise recorded in July.Underlying inflation delivered a slightly firmer signal. The core CPI, which excludes…
The Reserve Bank of India will hold open market operations to drain out Rs 1 lakh crore from the inter-bank market this month as the variable rate reverse repo (VRRR) auctions turned ineffective to absorb durable liquidity.The central bank on Friday said that it would conduct OMO sale auctions of government securities in three tranches. The first one of Rs 50,000 crore will be held on September 17.There will be two more OMO sales of Rs 25,000 crore each on September 21 and September 28.The decision was taken “on a review of current and evolving liquidity conditions”, RBI said.The interbank…
The RBI used two tools this week to drain liquidity: a longer-tenor VRRR and dollar-rupee sell-buy swaps, but both drew limited interest. | Photo Credit: SHASHANK PARADE The Reserve Bank of India on Friday announced an open market sale of bonds, one of the most potent liquidity-draining tools, hours after its chief said in a media interview that all options remained on the table.The RBI will sell bonds worth an aggregate of ₹1 trillion ($10.47 billion) in the next fortnight starting on September 16.In the first tranche on September 17, the RBI will sell bonds maturing from fiscal 2029 to…
Kolkata: India’s foreign-exchange reserves surged a record $44.903 billion in the week to September 4 to $785.706 billion, a new all-time high, making it the fourth largest holder of forex stockpile after China, Japan and Switzerland.The jump in the forex kitty was buoyed by the dedicated dollar-mobilisation programme, which surpassed market expectations.The foreign currency assets swelled even higher — by $47.498 billion in the reporting week — to $648.168 billion, Reserve Bank of India’s latest weekly statistical bulletin showed. Reserves held in gold contracted by $2.594 billion to $34.944 billion.The forex kitty has been on an upward journey for the…
rupee recycling. The strategy mirrors Japan’s infra financing model but extends it to strategic sectors, creating a win-win situation for both Russia and India | Photo Credit: ANTON VAGANOV Russia’s largest bank, Sberbank on Friday said that it sees major opportunities for India-Russia bilateral trade settlements through central bank digital currencies (CBDCs). The bank also plans to open 10 branches in India.Addressing a media briefing here, Sberbank CEO Herman Gref said that trade settlement in CBDCs is much more efficient. Further he informed that the bank has been using surplus rupees to support liquidity, including investments in Indian government securities.…
West Texas Intermediate (WTI) US Oil drops 4.54% on Friday and trades around $96.00 at the time of writing. The crude Oil comes under heavy profit-taking pressure following its strong advance earlier this week, while a smaller-than-expected decline in United States (US) crude inventories adds further pressure on prices.WTI nevertheless remains sharply higher for the week after benefiting from an increase in the geopolitical risk premium linked to the conflict between the United States and Iran. Friday’s decline therefore primarily reflects profit-taking as investors also assess the latest US inventory data.The Energy Information Administration (EIA) reports that US crude Oil…