The spot price of silver remains basically flat this morning as market participants focus on the 10 a.m. EDT Pending Home Sales report to help determine the Federal Reserve’s next move concerning its $85 billion asset buying program.
Silver prices continue to climb as investors focus on U.S. economic data reports to determine whether or not the U.S. Federal Reserve will begin its tapering process later this year.
With all the speculation surrounding whether the Federal Reserve will begin to tapper and whether central banks around the world will increase economic stimulus.
Overnight Asian emerging markets followed Western counterparts lower, becoming more cautious ahead of the FOMC meeting and Germany’s high court bond-buying program ruling.
Overnight developed and emerging markets started the week out mixed on speculation and hope. Market participants assume the continuation of questionable data will lead to additional stimulus from both the U.S. and emerging markets leader China.
The Emerging markets of Hong Kong and China saw their equity markets reverse, posting the strongest market performance in roughly seven months. The reversal was the result of government announcing new infrastructure projects to re-energize the economy.
Developed and emerging markets broadly drifted high in overnight sessions on European Central Bank hopium. Market participants continue to speculate that the ECB will be able to construct a comprehensive strategy to remedy the euro zone’s crisis.
Emerging markets in Asia last night were under pressure after U.S. markets fell on weaker than expected manufacturing data. Commodity prices continue to move lower ahead of the European Central Bank meeting and Non-Farm Payroll report tomorrow and Friday respectively.
Overnight emerging markets came under pressure from the eurozone as rating agency Moody’s downgraded the European Union’s outlook.