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On January 11, the weather in northern and western Japan near the Sea of Japan has been extremely cold recently, with heavy snowfall in large areas over the past few days. In particular, the snow depth in Suoyu, Aomori Prefecture reached 3.7 meters on the 10th. Due to the snowfall, some sections of Japans highways were closed, and some Shinkansen trains were suspended or delayed.British Chancellor of the Exchequer Reeves: The fiscal rules set in the October budget are "non-negotiable". Global financial markets have undoubtedly changed.On January 11, Mitsubishi Motors President Takao Kato was interviewed on January 10. Regarding whether to join the management merger consultation between Honda and Nissan, he said "this is one of the options." Speaking of the envisioned benefits, Kato Takao said "We can actively get help in the North American business (where Mitsubishi Motors has no production base)." Kato Takao also pointed out that in terms of in-vehicle software development, "there will also be scenarios where the technical strength of the two companies will be utilized, which will be very beneficial." Honda and Nissan announced the full launch of management merger consultations in December last year. Mitsubishi Motors previously stated that it will decide whether to join the consultations around the end of January.On January 11, CICC commented on the US non-farm data. The team believes that the highlight of this time is the recovery of the service industry. The service industry has added 231,000 jobs, which has become the main driving force. Judging from the market reaction, the unexpected non-farm data has pushed the US Treasury bond interest rate and the US dollar to a new high, which is also in line with its judgment since the fourth quarter of last year: it believes that the US dollar is still strong and that interest rate cuts should be "done in reverse". When the interest rate cut is realized, it will be the low point of the US Treasury bond interest rate, rather than continuing to look at the recession and the starting point of the downward interest rate.German Geoscience Research Center GFZ: A 5.5-magnitude earthquake occurred in Ethiopia.

Silver Prices Retain a Bearish Tendency in the Face of a Stronger Dollar

Daniel Rogers

Apr 28, 2022 10:31

Silver prices have continued to decline as the dollar strengthens. A rising dollar increases the cost of purchasing commodities like silver in foreign currencies, reducing demand. Benchmark yields were diverse but remained relatively stable in the face of persistent global market volatility.

 

Gold prices fell as the dollar strengthened to its greatest level since the pandemic's outbreak. The dollar is supported by the potential of aggressive rate hikes and the dollar's safe-haven allure in light of China and Europe's concerns.

 

Oil prices fell as the volatile market anticipated Chinese stimulus to boost oil consumption amid persistent geopolitical tensions.

 

Asia faces a stagflationary future, the IMF indicated, as commodity prices continue to rise and economic growth is anticipated to slow.

 

Pending home sales, a metric based on contract signings, fell 1.2 percent from the previous month for the fifth straight month. The Northeast had an increase in pending house sales, while the other three regions saw a decline. The index decreased 8.2 percent on a year-over-year basis.

 

The precipitous decrease in contract signings implies that rising mortgage rates have harmed people's ability to purchase a home, despite continued demand.

Technical Evaluation

Today's trading session saw silver prices fall to a two-month low of 23.20. Despite global risk and uncertainty in China, a stronger dollar has kept silver prices in check. Silver prices will continue to decline as Core PCE and US GDP support a 50-basis-point rate hike in May and at the following meetings of the Federal Reserve.

 

Silver prices will face downward pressure if they go below the $23.00 level, testing lows in the $22.00 range.

 

Near the November 2021 lows near $23.00, there is support. Resistance is indicated near the 200-day moving average's old support level of 23.84. Momentum is negative in the short term but has converged as the fast stochastic may have a crossing buy signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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