Silver rises above $17 as dollar steadies

Silver futures rallied nearly three percent in American trade to early February highs even as the dollar index rebounded slightly from March 27 lows, while markets now await the Beige Book's release and speeches by several Fed governors. 

As of 05:53 GMT, silver futures due on May 15 rose 2.61% to $17.225 an ounce from the opening of $16.787, while the dollar index inched up 0.08% to 89.59 from the opening of 89.52. 

Now markets await the Beige Book, which derives its importance from being release two weeks before the Federal Open Market Committee's meeting, and upon which policymakers depend for their policies to support the economy. 

Federal Reserve Bank of New York President William Dudley is due to speak about the economic outlook and monetary policy at the City University of New York's Lehman College, while Federal Reserve Governor Randal Quarles will speak at the Bretton Woods Committee Annual Meeting, in Washington DC.

US President Donald Trump tweeted that both Japan and South Korea want the US to return to the Trans-Pacific Partnership, a huge global free trade deal, but he said the US doesn't intend to go back to negotiations.  

Trump added the US prefers bilateral deals, for they are more effective and profitable, and more in the interest of workers in the US.

Otherwise, White House adviser Larry Cudlow said the US wants to sign a free trade deal with Japan after solving some issues between the two countries. 

Cudlwo said President Trump and Japanese Prime Minister Shinzo Abe will discuss exempting Japan from the recent 25% tariffs on steel imports and 10% on aluminum.