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July 14th - Amidst heightened investor anxiety over a sell-off in AI-driven tech stocks, this weeks earnings reports from TSMC (TSM.N) and ASML (ASML.O) are more significant than ever. TSMCs capital expenditure plans are among the most closely watched data points in Nvidias supply chain, while ASMLs capacity planning will provide crucial clues about the industrys expansion pace. Market expectations for both companies earnings have now reached almost unassailable levels, making previously surging stocks more susceptible to pullbacks after the results are released. Pepperstone strategist Dilin Wu stated, "The market is currently in a very fragile position. These two earnings reports from ASML and TSMC will either support this sell-off or exacerbate the decline. Either way, the market reaction could be very pronounced." TSMC previously stated that its capital expenditures this year will approach a record $56 billion, but UBS predicts that the figure could reach as high as $60 billion.On July 14, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Lin Jian stated that the Tanzania-Zambia Railway (TAZARA) is a historical monument to China-Africa friendship. More than 50 years ago, despite its own severe economic difficulties, China resolutely decided to assist in the construction of the TAZARA, providing strong support for the national liberation and development of countries in the region. The people of China, Tanzania, and Zambia joined hands and worked shoulder to shoulder during the construction of the TAZARA, jointly forging the great spirit of the TAZARA and leaving a valuable spiritual legacy for future generations. Lin Jian stated that, standing at a new historical starting point, China is willing to work with Tanzania and Zambia to jointly promote the revitalization and prosperity of the TAZARA railway, jointly building a road of freedom, development, friendship, happiness, green development, and harmony, helping the three countries and other countries in the region to jointly build modernization, and injecting new and inexhaustible impetus into the construction of an all-weather China-Africa community with a shared future in the new era.July 14th - A recent Bank of America global fund manager survey shows that global investor sentiment has risen to its highest level since February. Fund managers are more optimistic about the global economic outlook, AI-related spending, and the Federal Reserves dovish policy. The survey shows that fund managers cash allocation ratio has fallen to an "extremely low level" of 3.6% from 4.1% in June, triggering a contrarian sell signal from Bank of America. Meanwhile, a record proportion of respondents expect a "no-landing" scenario for the global economy. The survey was conducted from July 2nd to July 9th, between the temporary ceasefire agreement reached between the US and Iran and the renewed escalation of the conflict.July 14 - Due to rainfall, the inflow to Fengman Reservoir (Jilin Fengman) on the Songhua River in Jilin Province reached 10,900 cubic meters per second at 2 PM on July 14. According to the regulations for numbering floods in major rivers, this flood is designated as "Songhua River Jilin Section 2026 No. 1 Flood".Russian local authorities say the fire at the Afipsky oil refinery has been extinguished.

Silver Price Prediction: XAG/USD falls below the 200-day moving average after US Retail Sales

Alina Haynes

Feb 16, 2023 14:48

截屏2022-08-04 下午5.12.51_1024x576.png 

 

Silver price dropped for the second consecutive day, leaving the 200-day Exponential Moving Average (EMA) at $21.93 in the rearview mirror, as the Commerce Department reported that Retail Sales increased. The statistics supported a resurgence of the US Dollar (USD), putting downward pressure on Silver.

 

At the time of writing, the XAG/USD is trading at $21.50, having reached a peak of $21.87.

 

The XAG/USD exchange rate continues to decline, driven down by the strength of the US dollar, which, supported by rising US Treasury bond yields, advances 0.64 percent to 103.93 on the US Dollar Index. The 10-year US Treasury bond yield has increased by three and a half basis points to 3.772%, which is negative for the non-yielding metal.

 

After two consecutive months of decline, January retail sales in the United States increased by an astounding 3.0% month-over-month versus expectations of 1.8%. The majority of the increase in sales can be linked to a tight labor market, which continues to create robust pay growth, while rising fuel prices may have contributed to a rise in revenues at service stations.

 

Recent Industrial Production (IP) in the United States remained constant, as reported by the US Federal Reserve (Fed), but output was weaker than anticipated due to increasing borrowing rates in the manufacturing industry.

 

The US Federal Reserve may continue to tighten monetary conditions, with markets anticipating two additional 25-bps rate hikes, which would push the Federal Funds Rate (FFR) to the range of 5.00% to 5.250%.

 

A spate of Fed members remarked on Tuesday that the Fed is not done raising interest rates and echoed Fed Chair Powell's statement that rates will remain "higher for longer."

 

Consequently, Silver prices will stay under pressure, as a robust US Dollar will continue to harm the white metal. Silver could experience a rise once the Federal Reserve halts its tightening cycle, as it is expected to do so until 2024. Nonetheless, a hawkish Fed would boost the US Dollar's short-term prospects, which would impact on Silver.

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