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On August 8, Berenberg Bank said Germany may have to revise downward its already weak second-quarter GDP figure of 0.1% after industrial data showed a 1.9% month-over-month decline in production in June. While data so far suggests the second-quarter decline was little more than a minor setback after two quarters of growth, new data suggests a more pronounced reversal. However, slightly more optimistic survey results in July prompted Berenberg to slightly raise its third-quarter GDP forecast from flat to 0.1%. German retail sales grew for the fifth consecutive quarter in the second quarter, indicating that German consumers are stepping up their spending and businesses appear ready to invest more.MUFG: Compared with some other potential candidates, Federal Reserve Board Governor Waller would be a more dollar-friendly candidate for Federal Reserve chairman.On August 8, Zhongliang Holdings (02772.HK) announced that from January to July 2025, the Groups cumulative contracted sales amounted to approximately RMB 7.33 billion, with cumulative contracted sales area of approximately 693,000 square meters. The average contracted sales price for the period was approximately RMB 10,600 per square meter. In July 2025, the Groups contracted sales amounted to approximately RMB 950 million, with contracted sales area of approximately 97,000 square meters. The Groups average contracted sales price for July 2025 was approximately RMB 9,800 per square meter.Bank of England market participant survey: median forecasts show the benchmark interest rate will bottom out at 3.25% in April 2026.Bank of England market participant survey: The median estimate for quantitative tightening (QT) next year is £72 billion.

XAG/USD approaches $24.00 as USD Index declines ahead of US PCE Price Index | Silver Price Analysis

Daniel Rogers

Mar 31, 2023 11:47

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During the early Asian session, the silver price (XAG / USD) is advancing rapidly towards the $24.00 round-level resistance. The precious metal has recorded a three-day winning stretch and is anticipated to maintain its upward trajectory due to the US Dollar Index's weakness. (DXY).

 

Despite decreasing concerns about a possible U.S. banking crisis, the price of silver is on an upward trend. Previously, investors supported bullion as a secure refuge to avoid volatility caused by the failure of three mid-tier US banks.

 

Despite the likelihood of additional rate hikes by the Federal Reserve, the USD index struggles to gain ground. (Fed). As US banking fears subside, one school of thought holds that Fed chair Jerome Powell may decide to raise interest rates further. In addition, Fed Chairman Powell anticipates one more rate hike in 2023. And that a rate raise at the Fed's May meeting would allow it to maintain higher rates for an extended period of time.

 

In the meantime, S&P500 futures have added to their gains in the Asian session following a positive close on Thursday, indicating an increase in market participants' risk tolerance.

 

The Fed's preferred inflation indicator, the US core Personal Consumption Expenditures (PCE) Price Index data, will remain in the spotlight moving forward. Analysts at Credit Suisse anticipate that the monthly reading will be rounded down to 0.3%, leaving year-over-year core inflation at 4.7%. Monthly headline inflation should be comparable to core inflation, but the year-over-year measure should fall to 5.1% due to the ease base effect.


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