Silver Micro Sep '22 (SOU22)
Silver Micro Futures Market News and Commentary
The dollar index (DXY00) on Friday rose sharply by +1.56%. The dollar Friday surged to a new 20-year high. The dollar climbed on carry-over support from Wednesday when the Fed signaled it would maintain its aggressive rate hike stance. Also, a jump Friday in the 10-year T-note yield to a 12-year high strengthened the dollar’s interest rate differentials.
In addition, GBP/USD plummeted to a 37-year low Friday after UK Chancellor of the Exchequer Kwarteng outlined a plan for expansive tax cuts and spending that sparked concerns about inflation and the UK’s ballooning debt. Finally, Friday’s slump in stocks boosted the liquidity demand for the dollar.
U.S. economic news Friday was bullish for the dollar. The Sep S&P Global Manufacturing PMI unexpectedly rose +0.3 to 51.8, stronger than expectations of a decline to 51.0.
EUR/USD (^EURUSD) on Friday sank by -1.55% and posted a new 20-year low. Dollar strength Friday weighed on EUR/USD along with weaker-than-expect... Read more
- Aluminum Beaten Down by Russian Supply Uncertainties
The huge supply gap has been largely filled by Chinese producers, whose exports to Russia have witnessed dramatic surge.
- U.S. Steel Announced Launch of Carnegie One Capital Campaign
Burritt noted that the Braddock Carnegie Library is the first of the several libraries funded by U. S. Steel founder Andrew Carnegie.
- Addition of Gold on to Diversify Balanced Asset Portfolio
The low volatility of gold, in comparison with equities makes it a safe investment with minimum downside risks.
- World Crude Steel Output Posted Substantial Dip in Jan-Aug '22
The African countries witnessed 7.4% dip in output to 9.7 Mt during the eight-month period.
- WBMS: World Nickel Market Posted Deficit in Jan-July ‘22
The monthly smelter/refinery production of nickel totalled 242.6 kt in July 2022. At the same time, monthly demand totalled 235.6 kt.
- Glencore to Acquire Stake in Argentina Copper-Gold Project
Following the completion of the transaction, Glencore will have 43.75% ownership of MARA.