Silver slides 2.3% to near $65.80 in Europe as the dollar recovers ahead of PPI. DXY ~99.86 on this stamp (not averaged with gold’s ~98.90). Headline PPI eyed at 5.3% YoY; Commerzbank ~60% hike odds.
Silver fell sharply on Thursday as the US Dollar recovered ahead of Producer Price Index data.
Silver (XAG/USD) slides 2.3% to near $65.80 during the European trading session on Thursday, tumbling below $66.
The US Dollar Index trades marginally higher at around 99.86 as the Greenback bounces ahead of August PPI. Headline PPI is estimated at 5.3% YoY against 4.7% in July; core 4.6% YoY from 4.2%.
Commerzbank: futures markets are pricing around a 60% probability of a 25 bp increase at next week’s Fed meeting, with August CPI due Friday seen as the decisive input.
Follows Silver rebound ~$67.50. Soft Gold NY reclaim ~$4,400.
Also see: Silver Slides Near $64.35 Below $65 as Hot PPI Lifts Fed Hike Bets.
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Silver slides near $64.35 (−4.39%), below $65, as hot PPI lifts Fed hike bets. FedWatch ~70% this stamp, up from about 61% pre-data. DXY ~98.90; 10y ~4.92%.
Gold near $4,368 (−0.75%) as hot PPI keeps Fed hike odds elevated. FedWatch ~64% next-week hike vs Reuters economists’ pause through year-end — both quoted, not averaged. DXY ~98.96; 10y ~4.92%.
Gold slides near $4,346 after an intraday high of $4,434 as hot PPI lifts the dollar, yields and Fed hike pricing. FedWatch ~64% next-week hike vs Reuters economists’ pause through year-end — both quoted, not averaged.