Silver (XAG/USD) prices faced selling pressure near $32.70 during European trading hours on Friday (07/03). The white metal traded cautiously ahead of the United States (US) Nonfarm Payrolls (NFP) data for February, which will be published at 13:30 GMT.
The US NFP data will significantly influence market expectations regarding the Federal Reserve's (Fed) monetary policy outlook. Upbeat labor market data will increase market speculation that the Fed will keep interest rates steady in the current range of 4.25%-4.50% for a longer period. Conversely, a weak figure will weaken it.
Technically, the Fed's tight interest rate stance is a bad sign for precious metals, such as Silver.
The US NFP report is expected to show that employers hired 160,000 workers, up from 143,000 recorded in January. The Unemployment Rate is expected to remain steady at 4%. Investors will also focus on Average Hourly Earnings data, a key gauge of wage growth, which is expected to have grown steadily at 4.1% year-on-year.
Ahead of the US NFP data, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a fresh four-month low near 103.60. The 10-year US Treasury yield fell near 4.27%.
Meanwhile, global trade war tensions continue to provide support to Silver prices. On Thursday, US President Donald Trump confirmed the exemption of tariffs on products that fall under the United States-Mexico-Canada Agreement (USMCA) until April 2. Trump imposed a 25% tariff on imports from Canada and Mexico on Tuesday. (Newsmaker23)
Source: FXstreet
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