Silver Futures Market News and Commentary
The dollar index (DXY00) on Monday rose +0.22%. Weakness in EUR/USD on Monday supported gains in the dollar. The upside in the dollar was contained after the S&P 500 rallied to a new all-time high, which curbed the liquidity demand for the dollar.
EUR/USD (^EURUSD) on Monday fell by -0.28%. Eurozone economic concerns undercut the euro on Monday. The Bundesbank in Monday’s monthly report, said total German 2021 growth would be "significantly" lower than the 3.7% predicted in June. Also, the German Oct Ifo business confidence index fell -1.2 to a 6-month low of 97.7, weaker than expectations of 98.0.
USD/JPY (^USDJPY) on Monday rose by +0.19%. The yen was under pressure Monday on speculation the BOJ will maintain its extremely accommodative stance when it concludes its 2-day policy meeting this Thursday. The yen was also undercut Monday after the Japan Aug leading index CI was revised downward to a 6-month low of 101.3 from the previously reported 101.8.
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