Silver prices are approaching the significant $35 mark just one week before the US presidential election, driven by market uncertainty. Key economic indicators, including the PCE deflator and non-farm payrolls, are set to be released, with expectations of a slowdown in job growth. The Fed Watch Tool indicates a 95% chance of a quarter-point interest rate cut on November 7, which could further influence silver's trajectory amidst heightened market volatility.
The yield on the 10-year Treasury dipped to 4.19% after reaching a three-month high of 4.25% earlier in the week. Traders are closely watching Federal Reserve commentary, with a 97% probability of a 25-basis-point rate cut in November, as policymakers emphasize a cautious approach to inflation. Data on durable goods orders is set to be released on Friday.
Bitcoin's price has dipped below $66,000 as market nervousness grows ahead of the upcoming US presidential election, with uncertainty surrounding the formation of the next government. Profit-taking is anticipated post-election, despite Republican candidate Trump's promises to support the crypto community. Key economic indicators, including the "Beige Book" and purchasing managers' data, will be closely monitored for insights into US monetary policy, with expectations of potential interest rate cuts in the near future.
The US dollar has recently strengthened due to rising Treasury yields and stronger-than-expected economic data, with a 3.4% increase in the DXY index over the past month. However, expectations of Federal Reserve rate cuts and growing fiscal concerns are likely to pressure the dollar in the long term. Meanwhile, other currencies, particularly in Europe, may gain support from anticipated economic recovery and positive data surprises.
Ethereum is approaching the $3,000 mark, with investor nerves heightened ahead of the upcoming US presidential election on November 5, 2024. Current predictions show Trump leading Harris, and his potential presidency could influence crypto regulations positively. Key economic indicators, including the "Beige Book" and unemployment claims, are set to be released, while investors anticipate interest rate cuts from the Federal Reserve, which could further impact market dynamics.
The U.S. 10-year Treasury yield has surpassed 4.2% for the first time in three months, rising to 4.2036%, while the 2-year yield reached 4.0431%. Federal Reserve officials are advocating for a cautious approach to interest rate cuts, with traders anticipating a high probability of a quarter-point cut at the upcoming meeting on November 7. Strong economic data and uncertainty about future rate cuts have contributed to the recent yield increases.
UBS predicts a 13% gain for the S&P 500 in 2025, driven by a "no landing" scenario for the US economy, where growth and a strong job market persist alongside manageable inflation. The firm anticipates the index reaching 6,600, supported by potential Fed interest rate cuts and robust economic indicators. Despite expected election-related volatility, positive fundamentals are expected to prevail.
Gold prices are influenced by mixed US inflation data, with consumer prices rising 2.4% in September while the core inflation rate increased to 3.3%. The Fed Watch Tool indicates an 84.9% chance of a quarter-point rate cut, though the likelihood of a rate hike has decreased. Investors are advised to monitor upcoming producer price data, as a new record high for gold at USD 2,700 remains a possibility despite recent profit-taking.
Bitcoin's price faces pressure following the Federal Reserve's recent statements, with a target of $60,000 in sight. The Fed's minutes revealed no commitment to a specific pace for future rate cuts, despite a recent reduction of 50 basis points. Investors are now looking to upcoming US inflation data for further direction.
Silver prices remain above $30 as investors anticipate a decline in US inflation. The upcoming Fed minutes and new inflation data are crucial for understanding future monetary policy, with an 86.6% chance of a 25 basis point rate cut predicted for November 7. A drop below the $30 mark could intensify downward pressure on prices.
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