Silver Futures Market News and Commentary
The dollar index (DXY00) on Thursday rose +0.333 (+0.36%). EUR/USD (^EURUSD) fell -0.0052 (-0.44%). USD/JPY (^USDJPY) rose +0.34 (+0.31%). The dollar index on Thursday rallied to a 2-1/2 week high. The stronger-than-expected U.S. Aug retail sales and Sep Philadelphia Fed business outlook survey pushed T-note yields higher and was hawkish for Fed QE tapering, which in turn was supportive for the dollar.
EUR/USD (^EURUSD) on Thursday fell to a 2-1/2 week low on dollar strength and dovish ECB comments. ECB Governing Council member Rehn said monetary policy is needed "to maintain favorable financing conditions for a sufficiently long period for the economy to continue its recovery and to offset the negative impact of the pandemic on inflation."
USD/JPY (^USDJPY) on Thursday moved moderately higher as the yen was undercut by Thursday’s weaker-than-expected Japanese trade data. Japan’s Aug exports rose +26.2% y/y, weaker than expectations of +34.1% y/y.
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