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June 4th - According to a Wall Street Journal survey, the Reserve Bank of India (RBI) is likely to maintain its policy repo rate at 5.25% on Friday. Nine of the 11 economists surveyed hold this view, while two others expect the RBI to raise the repo rate by 25 basis points to 5.50%. ANZ economist Diraj Niem stated that a rate hike might be reasonable given the continued downward pressure on the rupee and the possibility that rising inflation could exceed the RBIs 6% tolerance limit later this year and remain high. However, analysts at Citigroup Research stated that the RBI has previously indicated a willingness to wait for the second round of inflationary effects before taking action, and that using interest rates to defend the currency will be a last resort. Bank of America economists stated that while the case for a rate hike is accumulating, they believe there is currently no room for a significant rate increase to stabilize the rupee.French prosecutors say the Russian captain of the oil tanker with ties to Moscow has been released.US semiconductor stocks continued to decline in pre-market trading, with Broadcom (AVGO.O) falling more than 13%, Micron Technology (MU.O) down 6%, and AMD (AMD.O) and Intel (INTC.O) down 4%.According to media reports, South Koreas LG Group will purchase 10,000 GPUs from Nvidia (NVDA.O).On June 4th, China Overseas Grand Ocean Group (00081.HK) announced on the Hong Kong Stock Exchange that in May 2026, the China Overseas Grand Ocean Group series of companies achieved contracted sales of RMB3,812,000,000 and contracted sales area of 323,700 square meters, representing year-on-year increases of 26.6% and 25.0%, respectively. From January to May 2026, cumulative contracted sales reached RMB15,244,000,000 and contracted sales area reached 1,299,600 square meters, representing year-on-year increases of 21.3% and 20.3%, respectively. As of the end of May 2026, the cumulative subscription amount but not yet contracted was RMB678,000,000 and the subscription area but not yet contracted was 54,900 square meters.

Forecast for Silver Price: XAG/USD corrects from $24.00 as USD Index recovers and US Employment is monitored

Alina Haynes

Apr 04, 2023 13:45

截屏2022-08-26 下午5.10.05_1024x576.png 

 

After failing to surpass the $24.00 resistance in the Asian session, the Silver price (XAG / USD) has corrected marginally. The precious metal has shown a slight decline in tandem with the US Dollar Index's recovery. (DXY). After establishing a buffer around 102.00, the USD Index has rebounded to near 102.15; however, the downside appears to be favored in anticipation that the Federal Reserve (Fed) will maintain a neutral posture on interest rates at its monetary policy meeting in May.

 

S&P500 futures are attempting to recoup all of the losses sustained in early Asia. The overall market sentiment is optimistic, so the demand for perceived-risk assets is robust. Prior to the United States Automatic Data Processing (ADP) Employment Change (March) data, which will be released on Wednesday, 10-year US Treasury yields have increased marginally to around 3.43 percent. According to the consensus, the US economy added 205K positions in March, compared to the previous report of 242K.

 

The need for a halt in the Fed's policy-tightening cycle will increase as a result of fewer job gains following a weaker ISM manufacturing PMI. According to the CME Fedwatch tool, over fifty percent of investors continue to anticipate an additional 25 basis point (bps) rate hike to 5.00-5.25%. However, a significant reorganization is anticipated after the publication of the Employment data.

 

Monday, Fed Board Governor Lisa Cook stated that the United States has both low unemployment and high inflation. Consequently, the Fed is presently focused on inflation, and the disinflationary process has begun, but we are not yet there. The commentary has provided the US dollar with some support.


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