Silver Futures Market News and Commentary
The dollar index (DXY00) on Tuesday rose by +0.03%. The dollar Tuesday shook off early losses and posted modest gains. A jump in the 10-year T-note yield Tuesday to a 12-year high of 3.99% supported gains in the dollar. Also, weakness in stocks boosted the liquidity demand for the dollar. In addition, Tuesday’s better-than-expected U.S. economic news was bullish for the dollar. Finally, hawkish Fed comments Tuesday were bullish for the dollar.
U.S. economic news Tuesday was bullish for the dollar. Aug capital goods new orders nondefense ex-aircraft, a proxy for capital spending, rose +1.3% m/m, stronger than expectations of +0.2% m/m and the biggest increase in 7 months. Also, the Conference Board’s Sep U.S. consumer confidence index rose +4.4 to a 5-month high of 108.0, stronger than expectations of 104.6. In addition, Aug new home sales unexpectedly rose +28.8% m/m to a 5-month high of 685,000, stronger than expectations of a decline to 500,000.
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