Silver falls from highest since 2018 as dollar tilts higher

2019-08-14 10:58:17 GMT (Economies.com)
Silver falls from highest since 2018 as dollar tilts higher

Silver futures fell in the Asian market, to slip for the second straight session from their highest since January 26th 2018, as dollar rose, according to the inverse relation between them, on economic data releases by China and ahead of the release of key data by the US economy.

 

As of 05:28 GMT, silver futures (September delivery) fell by 0.30% to $16.90 an ounce, from the opening of $16.95, opening of bearish price gap after closing yesterday at $16.99, while dollar rose by 0.05% to 97.84 points from the opening of 97.79.

 

China released its reading for the retail sales y/y, which slowed to 7.6% from 9.8% in June, lower than forecasts of 8.6%, the industrial production y/y reading rose by 4.8% vs. 6.3%, lower than forecasts of 6.0%, while unemployment rose to 5.3% vs. 5.1% in June.

 

On the other hand, investors are anticipating the release of the US import prices m/m index reading, which may reflect stability at zero levels vs a drop by 0.9% in June, and the annual reading of the same index is expected to fall by 2.0% unchanged from June.

 

Following US Treasury Department's delay of the 10% tariffs increase decision on Chinese imports until December 15th instead of September 1st, and Trump stated that communications with the Chinese side have been constructive and the decision is due to the holiday season because the tariffs have an impact on shopping.

 

Trump Added that China wants to make progress in the trade talks and intends to buy more US products, noting that the situation in Hong Kong is very difficult but can be solved, saying that many countries are manipulating their currencies, Trump also demanded Japanese Prime Minister Shinz┼Ź Abe to buy more US agricultural products.

 
 
 
  Symbol Last Change Chg.%
1.1091
-0.0102
0.9113%
1.2147
0.0087
0.7243%
17.104
0.128
0.753%
54.800
0.550
1.014%
58.65
0.42
0.72%
1512.265
14.840
0.991%
 
 
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