Silver futures contracts rose by nearly one percent during the Asian session, to witness their highest since February 25, overlooking the positive stability of the US dollar index according to the inverse relationship between them following the developments and economic data they followed on the Chinese economy, the largest consumer of minerals in the world and on the cusp of developments and upcoming economic data. Friday by the US economy the largest in the world.
At 06:40 am GMT, silver futures contracts for next July delivery rose 0.73% to trade at $ 27.65 an ounce compared to the opening at $ 27.45 per ounce, knowing that the contracts started the session on a falling price gap after yesterday’s trading was concluded At $ 27.48 per ounce, while the US dollar index rose 0.01% to 90.88 compared to an opening at 90.87.
This was followed by the Chinese economy, the largest economy in Asia and the second largest in the world, the issuance of the trade balance reading, which showed the expansion of the surplus to 277 billion yuan, equivalent to $ 42.9 billion, compared to 88 billion yuan, equivalent to $ 13.8 billion last March, surpassing the Expectations of a surplus of 130 billion yuan, or $ 28.0 billion, with the acceleration of export growth beyond expectations and the acceleration of import growth exceeded expectations during the past month.
On the other hand, investors are currently awaiting the US economy to unveil labor market data with the release of the employment change index reading for sectors other than agricultural, which may reflect 990,000 jobs added compared to 916,000 jobs added in March, and unemployment rates may also show a decrease. To 5.8% versus 6.0%, while the average hourly earnings index reading may indicate stability at zero levels, compared to 0.1% in March.
This comes before a member of the Federal Open Market Committee and President of the Federal Reserve Bank of Richmond, Thomas Parkin, in the West Virginia Chamber via satellite, and before the release of the final reading of the Wholesale Stocks Index, which may confirm 1.4% growth, unchanged from the initial reading for the month of March, compared to 0.6%. Last February, down to the Consumer Credit Index reading showed growth slowed to $ 19.5 billion, compared to $ 27.6 billion in February.
Other than that, last Tuesday we followed up on the statement of US Treasury Secretary and former Conservative Federal Reserve Janet Yellen that most likely the interest rate should be raised to prevent damage to the economy, and she explained later that she would not expect or recommend raising the interest rate on federal funds, which should rise at some point. Later, economists noted that Yellen’s comments were self-evident and that the interest rate would likely rise as government spending increased and the economy responded with faster growth.
In another context, we also followed the report on Tuesday, which touched on the fact that one of the chief economists at the White House protested the question of whether US President Joe Biden would nominate Fed Governor Jerome Powell for a second term of four years, expressing that the decision is about choosing the governor of the reserve. Federal will come after a comprehensive process.
This comes on the heels of Fed Governor Powell said earlier this week that the prospects for the US economy “have become clearly brighter,” noting that the long waiting disparity is weighing on the productive capacity of the US economy, and he referred at the time to the fact that the economy is opening up again and brings stronger economic activity. , Job creation and that the Federal Reserve will be transparent in announcing the extent to which we envision our approach to achieving maximum comprehensive employment.
In the same context, Powell noted that it is “very difficult” to have a specific equation describing comprehensive employment, adding, “It is not likely that we will do that, when approaching, to be more transparent,” with the governor of the Federal Reserve expressing that housing supplies are weak, and demand is high. Work from home, low interest rate and federal funds and government support.
Other than that, the recovery path from the Corona pandemic remains steady in the developed world amid a faster pace of vaccination against the surviving virus, which in one way or another overshadows the exacerbation of the Corona virus outbreak in emerging economies, especially in India, which pushes its health care system to the brink of the abyss, where cases exceeded As of yesterday, the new infection was announced, more than 21 million cases, and at least 230,168 people died, and it is believed that the numbers are much more.
According to the latest figures issued by the World Health Organization, which was updated yesterday at 05:39 pm GMT, the number of cases infected with the Coronavirus increased to nearly 154.82 million cases, and about 3,236,104 people died, while the number of vaccine doses given according to the latest update from Before the organization yesterday, Thursday, nearly 1,171 million doses.