Silver Mini Futures Market News and Commentary
The dollar index (DXY00) on Monday rose by +0.40% and posted a new 6-1/2 month high. The dollar moved higher Monday on rising bond yields, with the 10-year T-note climbing to a 16-year high. Also, the dollar has carryover support from last Wednesday when the Fed signaled one more +25 bp rate hike this year and projected the fed funds rate next year +50 bp higher than they projected back in June.
Weaker-than-expected U.S. economic news Monday was bearish for the dollar. The Aug Chicago Fed national activity index fell -0.23 -0.16, weaker than expectations of 0.10. Also, the Aug Dallas Fed manufacturing outlook level of general business activity unexpectedly fell -0.9 to -18.1, weaker than expectations of an increase to -14.0.
EUR/USD (^EURUSD) on Monday fell by -0.63% and posted a 6-1/2 month low. Dollar strength Monday weighed on the euro along with dovish ECB comments. ECB Governing Council member Kazaks said the ECB's 25 bp rate hike this month may allow for a p... Read more