Silver rallies over 1% before the weekend
2017-07-14 19:29:29 GMT (
Silver rallies over 1% before the weekend

Silver futures rose over one percent in American trade away from the lowest since February 2016 for the fifth straight session, as the dollar index tumbled to a ten-month nadir following earlier data from the US, the world's largest economy. 


As of 07:19 GMT, silver futures due on September 15 jumped 1.49% to $15.925 an ounce from the opening of $15.660. while the dollar index slumped 0.61% to 95.15 from the opening of 95.76, marking the lowest since September. 


Earlier US data showed consumer prices slowing down on a yearly basis in June, while retail sales fell further unexpectedly last month. 


US industrial production grew more than expected in June, while the Capacity Utilization Rate rose below expectations, as business inventories matched expectations in gains, while the preliminary UoM consumer sentiment survey fell unexpectedly in July. 


Federal Reserve Bank of Dallas President Robert Kaplan said in a speech about the Federal Reserve and monetary policy at the Center for Economic Studies of the Private Sector, in Mexico City, that recent softening of inflation is transient, while a state of weakness dictates the pace of wages growth, and added that trimming down the Fed's balance sheet will be gradual with little impact on markets. 


Kaplan said the trade activity between the US and Mexico improves the local competitive edge, while expressing his confidence in US inflation reaching the FOMC's 2% target even if consumer prices lowed down every now and then, mentioning the need to see evidence of such firm direction upward before hiking interest rates again this year. 


The mostly negative data earlier today came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on tightening the policy in the July 25-26 meeting, weighing on the greenback today.

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