FXStreet placed silver near $51.40 per troy ounce in its Thursday European-trading update, against a backdrop of U.S. inflation data and debate over the Federal Reserve’s December rate path, with jobs and housing releases ahead.
The outlet said the metal had turned lower after a modest gain the prior day and pointed to a stronger U.S. dollar as pressure on silver. FXStreet published the snapshot at 3:40 a.m. ET Thursday.
In data released Tuesday, the U.S. Bureau of Labor Statistics (BLS) recorded a 0.4% monthly increase in the Consumer Price Index (CPI) for October. The index had risen 0.6% in September; its measure excluding food and energy was up 0.3% in October. CME Group said the headline reading exceeded a 0.3% consensus estimate.
In a Nov. 10 speech delivered before the CPI release, Federal Reserve Governor Christopher J. Waller said he leaned toward a 25-basis-point rate increase at the December meeting if inflation cooled as expected. He said a 50-basis-point increase should be considered if October’s core CPI resembled the prior two monthly readings, at about 0.3% or higher. Waller stressed that he was giving his own view, not speaking for other Fed officials.
CME Group’s Nov. 11 commentary put the probability of a December increase at 100%, divided between an 86.9% chance of a quarter-point move and a 13.1% chance of a half-point move. CME FedWatch derives its estimates from 30-Day Fed Funds futures, so they reflect market pricing rather than Federal Reserve guidance.
The U.S. Department of Labor (DOL) scheduled weekly jobless claims for 8:30 a.m. ET Thursday, Nov. 12, followed by the National Association of Realtors (NAR) report on October existing-home sales at 10 a.m. ET. The BLS scheduled its October Producer Price Index (PPI) release for 8:30 a.m. ET Friday, Nov. 13.
