Silver rebounds from 2-1/5 year lows, dollar dips

Silver futures titled higher in Asian trade off February 3, 2016 lows, while the dollar index backed off June 2017 highs, ahead of housing, unemployment data from the US later today. 

As of 05:05 GMT, silver futures due in September inched up 0.25% to $14.49 an ounce away from 2-1/5 year lows, while the dollar index slipped 0.22% against a basket of major rivals to 96.48. 

Now investors await US unemployment claims data, expected to have increased 2 thousand to 215 thousand in the week ending August 11, while continuing claims are estimated to have fallen 14 thousand to 1.741 million in the week ending August 4. 

An index tracking the manufacturing sector in Philadelphia is estimated to slow down to 21.9 from 25.7 in July, while housing permits are expected at 1.31 million in July, up 1.4%, as housing starts are estimated at 1.27 million in July, up 7.4%. 

The dollar index has strengthened recently against major currencies, marking the third weekly profit in a row and weighing on dollar-denominated commodity futures, on prospects of two more Federal Reserve rate hikes this year.