Silver Futures Market News and Commentary
The dollar index (DXY00) on Monday rose by +0.70%. The dollar Monday recovered from a 5-1/4 month low and posted moderate gains. A jump in T-note yields Monday boosted the dollar. Also, Monday’s better-than-expected U.S economic news was hawkish for Fed policy and bullish for the dollar. The Chinese yuan on Monday rallied to a 2-1/2 month high against the dollar when China accelerated the easing of Covid restrictions.
Monday’s U.S. economic news was better-than-expected and bullish for the dollar. Oct factory orders rose +1.0% m/m, stronger than expectations of +0.7% m/m and the biggest increase in 4 months. Also, the Nov ISM services index unexpectedly rose +2.1 to 56.5, stronger than expectations of a decline to 53.5.
EUR/USD (^EURUSD) on Monday fell by -0.44%. The euro Monday fell back from a 5-1/4 month high and posted moderate losses on strength in the dollar. Also, Eurozone Oct retail sales fell more than expected, and ECB Governing Council members Makhlou... Read more