The Silver price (XAG/USD) attracts some sellers to around $39.00 during the early European session on Friday. Optimism surrounding the US trade deal allayed trade war concerns and dampened demand for safe-haven assets.
Investors will closely monitor the developments surrounding trade talks between the United States (US) and its major trade partners. The Wall Street Journal (WSJ) reported on Friday that US President Donald Trump is now pursuing dealmaking with China. Trump might shift from a strategy of pressure to negotiation, with the goal of securing an economic agreement that will increase US access to Chinese markets, particularly in business and technology.
Additionally, risk sentiment improved after the Financial Times noted that the European Union (EU) is close to sealing a deal with Washington, with some similarities to the one signed by Tokyo. The prospect of a new US deal and progress in tariff negotiations could weigh on the safe-haven asset like silver.
Traders reduce their bets that the US Federal Reserve (Fed) will deliver a rate cut in the July meeting, expecting less than two reductions this year as jobless claims fell for six consecutive weeks. Markets largely believe that the Fed will stay on hold when it meets next week but that it will likely cut rates in September and once more before the end of the year. The cautious stance of the US central bank could underpin the US Dollar (USD) and weigh on the USD-denominated commodity price, as it makes silver more expensive for buyers using other currencies.
Source: FXStreet
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