Silver (XAG/USD) extends its rebound for a second consecutive day on Thursday, although upside could be limited by a stronger US Dollar (USD) and firm Treasury yields. At the time of writing, the metal is trading around $38.20, recovering from an intraday low near $37.50 touched during the European session.
The US Dollar Index (DXY) climbs to a fresh one-week high near 98.50 after upbeat S&P Purchasing Managers Index (PMI) data reinforces optimism about the growth outlook. At the same time, weekly labor data shows US Initial Jobless Claims rising to an eight-week high, adding to signs of a cooling labor market.
The mixed data prompts traders to scale back expectations for aggressive Fed easing, with the CME FedWatch Tool showing a 75% probability of a September rate cut, down from 81% earlier in the day. Market focus now shifts to Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday, which may provide clarity on the policy outlook.
Source: Fxstreet
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