Silver Price Forecast: XAG/USD slumps below $20.00 on risk aversion – by christianborjon Silver XAGUSD Metals Macroeconomics Fed
for further tightening, tensions arising between the US-China chip embargo, and the escalation of the Russia-Ukraine war. Therefore, traders seeking safety kept the greenback in the driver’s seat. At the time of writing, the XAG/USD is trading at $19.59 a troy ounce, down by 2.50%.US economic data
Earlier, Charles Evans said that the US central bank might be able to slow down inflation “while also avoiding a recession.” He estimates that the Federal funds rate will peak at around 4.5% early in 2023 and remain higher for longer. All that said, most traders are expecting US inflation data to be released on Thursday. Expectations on the monthly reading are at 0.2%, above the previous reading, while on an annual based, they are at 8.1%, on the back of falling energy prices. Concerning core inflation, which strips food and energy, the MoM is expected to slow by 0.4%, less than August’s, while the year-over-year is estimated to jump by 6.5%, higher than the 6.3% in the previous month.
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