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June 3rd - Recently, several private banks have collectively lowered interest rates on medium- and long-term fixed deposits. Many medium- and long-term fixed deposit products that previously offered interest rates in the "2%" range have now fallen back to the "1%" range, with some banks even discontinuing these products altogether. Experts interviewed analyzed that the advantage of high-interest deposits offered by private banks is gradually fading, and the industrys transformation is accelerating. Affected by interest rate changes, the logic of residents savings allocation has clearly shifted, and private banks urgently need to break free from the predicament of homogenization and seek long-term development through differentiated approaches.Japanese Finance Minister Satsuki Katayama: I agree with the views of the Bank of Japan Governor on several issues.Artificial Intelligence: 1. Microsoft launches AI software that can act as an administrative assistant. 2. Nvidia collaborates with Microsoft to develop a unified technology stack for agent-based AI. 3. The EUs AI data center plan is hampered by delays and funding issues. 4. Tencent Cloud: Reduces the price of its DeepSeek-V4 series models by up to 97.5%. 5. Anthropic is providing access to Mythos to an additional 150 institutions worldwide. 6. OpenAI plans to launch AI tools for the financial and legal sectors to compete with Anthropic. 7. Trump signs an executive order on AI, requiring AI companies to submit large-scale models to the government for review before releasing them. Integrated Circuits (Chips): 1. Arm CEO: The $15 billion sales target for its own chips may be achieved ahead of schedule. 2. SK Hynix plans to double its wafer capacity within five years. 3. Nvidia announces full-scale production of NVIDIA Spectrum-X Ethernet silicon photonics technology. 4. Microsoft launches a new quantum chip, aiming to build a practical quantum computer by 2029. Other: 1. SoftBank plans to invest $300 million in robotics startup Agile Robots. 2. IBM plans to invest over $10 billion in quantum computing over the next five years. 3. SpaceX seeks to reduce its IPO underwriting fee to 0.75%. 4. Jensen Huang stated that Marvell Technology will become the next trillion-dollar company. 5. my country achieves a major breakthrough in optical communication technology; the worlds first three-band ultra-low-loss multi-core optical cable line is officially opened. 6. Tencent Cloud: Reduces the price of its DeepSeek-V4 series models by up to 97.5%. 1. Russian Ministry of Defense: High-precision long-range weapons were used to strike Ukrainian defense industrial facilities. 2. Ukrainian Air Force spokesperson: Russia launched eight Zircon hypersonic missiles in a nighttime attack on Ukraine, possibly the largest number launched during the Russia-Ukraine conflict. 3. Zelenskyy stated that the Russian attack has resulted in 22 deaths and 130 injuries in Ukraine. 4. Kyiv official: The death toll from hostile attacks in Kyiv has risen to 79. 5. Ukrainian President Zelenskyy: The delivery of anti-missile weapons cannot keep pace with the Russian missile attacks. 6. Hungarian Prime Minister: An agreement with Ukraine is expected this week, thus initiating the EU accession negotiation process. 7. According to Politico: Ukraine and Moldova are expected to begin formal EU membership negotiations in June.Iranian media reported that the Iranian Revolutionary Guard claimed it had used missiles and drones to attack the headquarters of the U.S. Fifth Fleet.

Silver Price Prediction: XAG/USD falls as the dollar recovers some of its losses

Daniel Rogers

Oct 13, 2022 14:35

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Despite US Treasury bond yields retreating from weekly highs as a result of FOMC minutes indicating Fed officials' reluctance to declare triumph over inflation, the silver price extended its losing streak to four consecutive days.

 

Earlier in the European session, the XAG/USD reached a session high of $19.30 before falling to a session low of $18.84 before recovering some ground. XAG/USD is trading at $19.05 at the time of writing, 0.77% below its opening price.

 

US stocks ended Wednesday's trading session with slight losses. The atmosphere deteriorated as a result of the BoE's reiteration that the emergency bond-buying program will finish on October 14, and the minutes from the September FOMC meeting, which weighed on risk-perceived assets.

 

According to the FOMC's minutes, policymakers "stressed that the cost of taking insufficient action to reduce inflation likely outweighed the cost of taking excessive action." Officials emphasized that it will be necessary to "calibrate the pace of future rate hikes" in order to mitigate the impact on the US economy.

 

Several Fed members stressed the need to maintain a restrictive policy for as long as necessary, reaffirming the necessity to raise interest rates for an extended period.

 

In addition, traders are preparing for Thursday's US inflation report for September. Data released on Wednesday indicated that the Producer Price Index (PPI) increased by 8.5% year-over-year, while the so-called core PPI increased by 7.2%, which was less than the prior reading and projections.

 

According to the CME FedWatch Tool, the probability of a 75 basis point rate hike are 82% given the current environment. Consequently, the white metal will likely continue under pressure, preventing silver buyers from placing new wagers as US Treasury yields climb.


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