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Silver markets have seen a bit of choppy behavior on Thursday, as we continue to see a lot of noise in the interest rate markets, as well as the US dollar. Despite that, we are basically where we have been for weeks.
Forex
Gold: Central bank demand seen easing after Q2 rebound – BNY
Gold caught between softer US Dollar and rising Treasury yields, US PCE awaited
USD/JPY held near 163.50 on Thursday, with the yen retreating slightly after strengthening in the previous session. The currency had been supported by a broader dollar decline following the Federal Reserve's decision to keep interest rates unchanged.
The US dollar suffered its sharpest fall in the last two weeks following Kevin Warsh's intention to shift the Fed's responsibility for bringing inflation back to the 2% target onto the financial markets. The new Fed Chair emphasised that the rally in Treasury yields is tightening financial conditions and holding back price growth.
TL;DR: EUR/USD's rebound reflects broad-based Euro strength as oil's rebound since mid-week pushes markets toward the ECB's own hawkish scenario, lifting September hike odds to roughly 70%.
Silver price today: Silver falls, according to FXStreet data
Bank of England vote could spur GBP/USD jump
USD/JPY temporary in equilibrium: Multiple factors in focus
GBP/USD Price Forecast: Keeps the red near 1.3350 as traders await BoE rate decision
Euro: Data-driven range trade into Q3 against US Dollar – ING
Silver Price Forecast: XAG/USD turns upside down amid soaring US Treasury Yields
Fed uncertainty and dollar strength pressure platinum, while tighter South African supply supports the long term outlook.
USDJPY(Yen) pushes lower The USDJPY(Yen) gained some momentum against the dollar as the pair hit a heavy rejection. Prices were hitting double tops, but a bearish divergence suggested a deceleration in the upward momentum.
British Pound: BoE hike pricing supports Sterling against US Dollar – MUFG
The pound strengthened following the outcome of the US Federal Reserve meeting, where the central bank, as expected, kept interest rates unchanged. However, the Fed did not provide the market with clear signals of an imminent shift towards rate cuts, maintaining a cautious approach to future monetary policy.
USD/JPY Price Forecast: Rising 20-day EMA backs bullish bias
The Pound-Dollar rate could remain under pressure unless the Bank of England delivers a sufficiently hawkish message after an inconclusive Federal Reserve decision. The Pound to US Dollar (GBP/USD) exchange rate weakened on Thursday morning as markets turned their attention to the Bank of England following a divided Federal Reserve policy.
Euro: Fed split supports EUR against US Dollar – Commerzbank
USD/CAD Price Forecast: Rebounds above 1.4050, constructive outlook prevails above 100-day SMA
