Silver 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