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On December 30th, amid a general sell-off in precious metals, the worlds largest silver ETF, iShares Silver Trust (SLV), fell nearly 9% intraday, heading towards its biggest single-day drop since 2020. Todays decline has pulled prices back to near pre-Christmas holiday levels. Despite todays sharp drop, SLV is still up over 140% year-to-date. According to fund documents, to meet the surge in demand this year, SLV had added nearly 67 million ounces of silver as of last Friday. However, analysts point out that while this figure seems large, it represents only a small fraction of total global silver demand this year. They emphasize that strong demand from solar panel manufacturers and increased imports from India (where precious metals are far more popular among savers than in the US) are the main drivers of overall demand growth.EIA Natural Gas Report: For the week ending December 19, total U.S. natural gas inventories were 3.413 trillion cubic feet, down 166 billion cubic feet from the previous week and down 129 billion cubic feet from the same period last year, a year-on-year decrease of 3.6%, while also 24 billion cubic feet below the 5-year average, a decrease of 0.7%.U.S. natural gas futures maintained their upward trend, currently up 5.2%; the EIA report showed that the inventory decline was in line with expectations.Fitch: Despite headwinds, U.S. property and casualty insurance underwriting profitability remains strong.U.S. EIA natural gas inventories for the week ending December 19 were -166 billion cubic feet, compared to an expected -168 billion cubic feet and a previous reading of -167 billion cubic feet.

AUD / JPY Falls Below 91.50 Despite RBA Rate Increase Prospects

Alina Haynes

Mar 07, 2023 13:41

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The AUD / JPY pair has moved its auction below 91.50 during the early Asian session. The risk barometer is confronting offers while attempting a recovery, and it is anticipated that its decline will continue to around 91.30. Despite increasing likelihood of a hawkish monetary policy from the Reserve Bank of Australia, the cross shows no signs of recovery (RBA).

 

The Consumer Price Index (CPI) for January showed a significant deceleration, but not enough for the RBA to suspend its policy tightening.

 

GDP increased by 0.5% in the fourth quarter, which was less than the consensus estimate of 0.8% and the previous release of 0.7%.

 

Analysts at SocGen believe that "recent signals in the macroeconomic data, such as the decline in inflation, the revival in the unemployment rate, relatively tepid wage growth, and the confirmation of a decline in consumption, all support a 25 basis point increase in March." Despite the markets' more pessimistic view of US Fed policy, they sustain our baseline scenario of a terminal policy rate of 3.85%.

 

, The annualized GDP data indicate that the Japanese economy has expanded by 0.8%, which is 0.8% more than the previous expansion of 0.6%. While it is expected that the quarterly statistics will show a steady growth of0.2%, it is anticipated that the yearly growth rate will be 0.4%.


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