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European Council President Costa: The US unilateral decision to lift sanctions on Russian oil exports is deeply worrying because it affects European security. Applying greater economic pressure on Russia is crucial to getting it to accept serious negotiations for a just and lasting peace. Easing sanctions would increase Russias resources for its aggressive war against Ukraine.On March 13, the Party Committee of the General Administration of Customs held an enlarged meeting to study and implement the spirit of General Secretary Xi Jinpings important speech and the spirit of the National Peoples Congress and the Chinese Peoples Political Consultative Conference. The meeting emphasized the need to earnestly implement the important deployments of the Government Work Report and the 15th Five-Year Plan, to formulate and implement the 15th Five-Year Plan for Customs Development and the Port Modernization Plan with high quality, and to promote the implementation of various tasks. It stressed the importance of promoting the development of new productive forces tailored to local conditions, improving the level of intelligent supervision, credit supervision, and trend-based supervision, enhancing the competitiveness of the industrial chain and supply chain, and contributing to the construction of a modern industrial system. The meeting also emphasized the need to vigorously promote the stabilization and optimization of foreign trade, to carry out a new round of special actions to facilitate cross-border trade, and to support the development of new business forms and models such as intermediate goods trade, cross-border e-commerce, and overseas warehouses. Finally, the meeting stressed the need to expand independent opening-up, to deeply align with high-standard international economic and trade rules, to solidly advance the construction of the Hainan Free Trade Port, to accelerate the transformation and upgrading of comprehensive bonded zones, and to create more high-level platforms for opening-up.A spokesperson for the European Commission stated that the Commission fully supports Polands plan and looks forward to its implementation.On March 13, the Environmental Resources and Food and Drug Crime Investigation Bureau of the Ministry of Public Security deployed a campaign to severely crack down on crimes involving the illegal manufacture, sale, and use of prohibited and restricted pesticides. The bureau required local public security organs environmental, food, and drug crime investigation departments to adhere to the people-centered development philosophy, strengthen their sense of responsibility, focus on key tasks, and severely crack down on all types of pesticide-related crimes during the spring plowing and planting season, given the concentrated agricultural input production and storage activities. This is to effectively safeguard agricultural safety and build a solid food safety defense line "from farm to table."European Commission spokesperson: European security cannot be achieved without Polands participation.

Silver Prices Fall Slightly Amid Strong Employment Data and a Firmer Dollar

Drake Hampton

Apr 02, 2022 09:45

Tips 

  • Silver prices fell somewhat as yields and the dollar increased.

  • The dollar increased in value while the euro fell, as Russia-Ukraine remains a point of contention.

  • Following good employment reports, a critical portion of the yield curve inverted.

  • Oil prices have swung wildly as the EIA considers expanding its oil reserves.

 

Silver prices fell slightly but remained mostly unchanged on Friday as benchmark yields increased. The yield curve's 2s-10s segment, a crucial segment of the curve, is inverted following positive job statistics. Gold prices have fallen as rates have increased and the dollar has gained. Oil prices fell in erratic trading as members of the International Energy Agency (IEA) met to discuss the release of further oil reserves and the United States' intention to deploy 180 million barrels, or one million barrels per day, over the next six months. This is the largest release from the US Strategic Petroleum Reserves in history (SPR). Regardless of the release of reserves, oil supply will remain a problem in the coming months.

 

On Friday morning, a slew of economic figures were revealed. Nonfarm payrolls, a proxy for the total number of workers in the United States, increased by 431,000 in March. Despite rising inflation and the possibility of an economic slump, the reading came in slightly below the consensus prediction of 490,000 people. Unemployment decreased by 0.2 percent to 3.6 percent, falling short of estimates of 3.7 percent. Hourly wages increased by 0.4 percent on average, in line with predictions. The reading is used to closely monitor inflation. Today's economic numbers were unsurprising, indicating that the Fed will most likely hike rates at each of the remaining six FOMC meetings this year.

Technical Evaluation

Silver prices fell but recovered, stabilizing near the 24.72-24.78 zone as the dollar and yields strengthened as a result of the jobs report. The recently announced jobs data indicates a stronger labor market, implying that the Fed will continue its hawkish posture and proceed with six rate hikes. Additionally, progress in the Russia-Ukraine peace negotiations indicates a decreasing trend in prices. Silver prices have a finite upward potential.

 

Resistance is located near the 10-day moving average, which is located near 25.02. Support is located near the 50-day moving average, which is located near 24.04. Short-term momentum shifted negative as the fast stochastic crossed below the zero line, signaling a sell signal.

 

The medium-term momentum is negative, as indicated by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative but decelerating, indicating an upward trend in price movement.

 

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