As an important commodity, Silver always follows the steps of gold. Today, the price of silver keeps going down, down as much as 2.99% this week, which is considerable given the general movement of silver.
At this moment, it is back to 21.933, but this week, we will get the FOMC Meeting Minutes announcement. The Federal Open Market Committee (FOMC) is the policy-making meeting of the Federal Reserve Bank in the U.S. The decisions made by the FOMC will have a direct impact on the funds held by the Fed. The topic at the forefront of this meeting should be inflation and any decisions taken in this regard will definitely affect the market for Silver.
As we know, inflation does play a big part in how the commodities markets shift, and this is something all traders should pay close attention to. We also need to pay more attention to the economic news about banks and interest. The Canadian consumer price index (CPI) released today shows that the data is better than expected, which means the country could be solving its inflation issue positively. Australia unemployment will also be released later today. This indicator has been positive more often than not recently, what about this time? Tomorrow, we also have US unemployment claims, and this could also reveal the attitude and extent of how the Fed will react.
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