XAG/USD rises sharply as US jobs data softens, conquers $23.00
The post XAG/USD rises sharply as US jobs data softens, conquers $23.00 appeared on BitcoinEthereumNews.com. Silver prices rebounded sharply, trading at $23.17, buoyed by a softer U.S. labor market report. October’s Nonfarm Payrolls and cooling wage growth hint at a less aggressive Fed, boosting XAG/USD. The dip in U.S. Treasury yields further enhances silver’s attractiveness as a non-yielding asset. Silver prices bounces off daily lows at $22.59 and climbs more than 1.89% after the US Department of Labor (DoL), revealed the US economy added fewer employees to the workforce than expected. Hence, traders are pricing in the Federal Reserve (Fed) would not raise rates further, denting appetite for the American Dollar (USD). At the time of writing, the XAU/USD is trading at $23.17, a gain of 1.86%. Silver prices rally as weaker-than-expected U.S. employment figures reduce Fed rate hike expectations US equities remain in the green, depicting an upbeat market sentiment. October´s Nonfarm Payrolls report was characterized by fewer than expected people added to the workforce while the Unemployment Rate approached the 4% threshold. Average Hourly Earnings decelerated from 4.3% in September to 4.1% last month, suggesting the labor market is cooling. The data comes after the Federal Reserve held rates unchanged, though policymakers emphasized the need for a looser labor market, growth below trend, and inflation slowing down. In the meantime, Fed Chairman Jerome Powell hawkish commentaries were mainly ignored, as traders had begun to price in close to 100 basis points rate cuts toward the end of 2024. Consequently, the fall in US Treasury bond yields underpins the grey’s metal appeal. The US 10-year benchmark note rate sits at 4.55%, down 10 basis points (bps) on Friday, so far down 17 bps in the week, a tailwind for the XAG/USD In the next week, the US economic calendar is light, with the release of the Balance of Trader, unemployment claims, and the University…
The post XAG/USD rises sharply as US jobs data softens, conquers $23.00 appeared on BitcoinEthereumNews.com.
Silver prices rebounded sharply, trading at $23.17, buoyed by a softer U.S. labor market report. October’s Nonfarm Payrolls and cooling wage growth hint at a less aggressive Fed, boosting XAG/USD. The dip in U.S. Treasury yields further enhances silver’s attractiveness as a non-yielding asset. Silver prices bounces off daily lows at $22.59 and climbs more than 1.89% after the US Department of Labor (DoL), revealed the US economy added fewer employees to the workforce than expected. Hence, traders are pricing in the Federal Reserve (Fed) would not raise rates further, denting appetite for the American Dollar (USD). At the time of writing, the XAU/USD is trading at $23.17, a gain of 1.86%. Silver prices rally as weaker-than-expected U.S. employment figures reduce Fed rate hike expectations US equities remain in the green, depicting an upbeat market sentiment. October´s Nonfarm Payrolls report was characterized by fewer than expected people added to the workforce while the Unemployment Rate approached the 4% threshold. Average Hourly Earnings decelerated from 4.3% in September to 4.1% last month, suggesting the labor market is cooling. The data comes after the Federal Reserve held rates unchanged, though policymakers emphasized the need for a looser labor market, growth below trend, and inflation slowing down. In the meantime, Fed Chairman Jerome Powell hawkish commentaries were mainly ignored, as traders had begun to price in close to 100 basis points rate cuts toward the end of 2024. Consequently, the fall in US Treasury bond yields underpins the grey’s metal appeal. The US 10-year benchmark note rate sits at 4.55%, down 10 basis points (bps) on Friday, so far down 17 bps in the week, a tailwind for the XAG/USD In the next week, the US economic calendar is light, with the release of the Balance of Trader, unemployment claims, and the University…
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