Silver falls for first time in four days, dollar backs off year peak

2018-07-06 19:27:47 GMT (Economies.com)
Silver falls for first time in four days, dollar backs off year peak

Silver futures tilted lower in American trade on track for the fourth weekly loss in a row, while the dollar index backed off July 14, 2017 highs for the fourth session out of seven, following earlier employment data from the US. 

 

As of 06:42 GMT, silver futures due on September 14 fell 0.29% to $16.05 an ounce from the opening of $16.10, while the dollar index shed 0.36% to 94.05 from the opening of 94.39, marking June 14 lows. 

 

US Labor Data 

 

Earlier US data showed the unemployment rate up to 4.0% in June from 3.8% in May, a 2000 nadir, while average earnings rose 0.2%, slowing down from 0.3%. 

 

The US economy created 213 thousand new jobs in June, down from 244K in May and beating forecasts of 195K as the trade deficit shrank to $43.1 billion from $46.1 in April, beating forecasts of 43.6. 

 

Fed's Minutes 

 

In the June 12-13 meeting minutes, Federal Open Market Committee's policymakers expressed the need to hike interest rates as the economy strengthens and inflation hovers at 2%. 

 

Members believe that economic conditions support gradual rate hikes, with chances of four rate hikes this year growing steadily, while some expressed concerns about trade risks and others risk from Europe and developing economies and a flattening yield curve.

 
 
 
  Symbol Last Change Chg.%
1.1701
0.0070
0.6051%
1.3210
0.0140
1.0715%
14.220
0.153
1.091%
71.000
2.013
2.917%
79.37
-0.03
0.04%
1203.090
9.315
0.780%
 
 
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