Silver Futures Market News and Commentary
The dollar index (DXY00) on Wednesday fell -0.472 (-0.49%). The dollar index on Wednesday fell to a 4-session low after a rally in the S&P 500 to a 2-week high reduced the liquidity demand for the dollar. Strength in the yuan also weighed on the dollar after the yuan on Wednesday jumped to a 3-1/2 year high of 6.3443 yuan/USD on optimism that supportive steps taken by the Chinese government will boost economic growth and that the omicron variant will have a limited impact on the global recovery.
EUR/USD (^EURUSD) on Wednesday rose +0.0083 (+0.74%). EUR/USD on Wednesday pushed up to a 1-week high on weakness in the dollar and the British pound. GBP/EUR retreated Wednesday after the Financial Times reported that the UK is close to announcing new Covid restrictions, including vaccine passports for large venues and an order to work from home.
ECB comments on Wednesday also sparked short-covering in EUR/USD when ECB Governing Council member Kazaks said the omicron varian... Read more