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Silver Price Analysis: XAG/USD slumps below $29.00 as bears eye 50-DMA
Silver prices registered losses of more than 2.40% on Thursday after the Federal Reserve held rates unchanged and hinted that they would likely cut once instead of the three foreseen in the March Summary of Economic Projections (SEP). At the time of writing, the XAG/USD trades at $28.95. XAG/USD Price Analysis: Technical outlook: From a price action standpoint, the XAG/USD is neutral to upward biased. The downtrend is capped by the presence of the 50-day moving average (DMA) at around $28.74, which is seen as the first support level. The grey metal bounced from around three-week lows of $28.66 to current spot prices.
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post: BOJ TO OUTLINE BOND BUYING PLAN AT UPCOMING MEETING post: BOJ CUTS BOND BUYING TO ALLOW YIELDS TO FORM FREELY post: BOJ: PRIVATE CONSUMPTION HAS BEEN RESILIENT ALTHOUGH IMPACT OF PRICE RISES HAS REMAINED AND AUTO SALES HAVE CONTINUED TO BE PUSHED DOWN post: BOJ NO HAWKISH SIGNALS, NO SLOW DOWN OF BOND BUYING, NO RATE HIKE SIGNALS AND STICKING TO STIMULUS YEN STILL DEADBank of Japan decides to cut back on bond purchases The Bank of Japan on Friday decided in principle to reduce its purchases of Japanese government bonds, taking another step toward policy normalization following its first rate hike in 17 years in March. The central bank says it will decide on the detailed reducing strategy in the next meeting. Until then, it will continue purchases at the current pace, which is at around 6 trillion yen ($38.1 billion) per month. The move marks another move toward policy normalization that started on March 19, when the central bank decided to end its zero interest rate policy, new equity purchases and yield curve controls but stopped short of reducing the amount of its bond purchases. The shift illustrates the growing alarm among Japanese policymakers about the weak yen, exacerbated by the bank's supereasy monetary policy. Japan's currency, which has fallen 27% against the dollar since the beginning of 2022, plumbed a 34-year low of 160 to the greenback in April. After a two-day policy meeting, the BOJ decided to leave other measures unchanged, including its policy interest rate -- an uncollateralized overnight call rate -- between 0% and 0.1%. By cutting back on bond purchases, the BOJ will effectively shrink its JGB holdings and move into a quantitative tightening (QT) mode, a significant a
At the Monetary Policy Meeting (MPM) held today, the Policy Board of the Bank of Japan decided, by a unanimous vote, to set the following guideline for money market operations for the intermeeting period: The Bank will encourage the uncollateralized overnight call to remain at around 0 to 0.1 percent. Regarding the purchase of Japanese government bonds (JGBs), CP, and corporate bonds for the intermeeting period, the Bank will conduct the purchase in accordance with the decisions made at the March 2024 MPM. The Bank decided, by an 8-1 majority vote, that it would reduce its purchase amount of JGBs thereafter to ensure that long-term interest rates would be formed more freely in financial markets.Holding the "Bond Market Group" Meetings In accordance with the decision at the Monetary Policy Meeting today, the Financial Markets Department of the Bank of Japan will hold the "Bond Market Group" meetings in the following manner. 1. Date To be announced. 2. Form of the Meetings: The Bank will hold a meeting with commercial banks group, securities firms group and buy-side group, respectively. 3. Place: The Head Office of the Bank of Japan. 4. Participants: - Persons in charge of bond market issues in financial institutions including those who participate in the "Bond Market Survey". - Director-General of the Financial Markets Department, Head post: BOJ: WILL CONDUCT JGB PURCHASES IN ACCORDANCE WITH DECISION MADE AT MARCH POLICY MEETING post: BOJ TO DECREASE GOVERNMENT BOND PURCHASES post: JAPAN'S ECONOMY SEES MODERATE RECOVERY WITH SOME WEAKNESS OBSERVED: BOJ
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- Posted: Jun 13, 2024 11:57pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 96