Silver falls off two-week high as dollar inches up

Silver futures fell in Asian trade off October 2 highs as the dollar index climbed from September 27 lows, ahead of US labor data later today. 

As of 05:30 GMT, silver futures due in December fel 0.40% to $14.61 an ounce away from two-week highs, as the dollar index rose 0.12% to 95.69 to October 10 highs. 

Now markets await the US Philly Manufacturing Index, expected to decrease to 19.7 from 22.9, while unemployment claims for the week ending October 13 are estimated to have fallen by 4 thousand to 210 thousand. 

Continuing claims for the week ending October 6 are expected to have risen by 6 thousand to 1.668 million, while the CB leading index is estimated with a 0.5% increase, up from 0.4% in August. 

Otherwise, Federal Reserve Governor Randal Quarles is due to speak about the economic outlook at the Economic Club of New York luncheon later today.

The Federal Open Market Committee voted last month to increase borrowing rates for the third time this year by 25 basis points to below 2.25% as expected by analysts back then. 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake". 

In a recent Pennsylvania rally, Trump said the Federal Reserve has gone "loco" with its latest rate hikes, while noting that stocks are undergoing a normal correction after a succession of record highs. 

Otherwise, International Monetary Fund head Christine Lagarde expressed her support for China's moves to maintain the flexibility of its exchange rate, while noting the Fed's decisions shouldn't be considered "crazy". 

Earlier this month, the People's Bank of China cut reserve requirements for Chinese banks for the fourth time this year amid attempts to ease policies and bolster spending.