Silver bulls step in at the final hour
- Silver was bid o Wall Street as the US dollar stays put awaiting NFP this week.
- In the US Treasury market, yields were lower and weighing on the greenback.
XAG/USD is currently trading at $1,786.11 into the Wall Street close having travelled from a low of $1,770.44 to a high of $1,786.85. the white metal added some 0.45% by the closing bell.
Meanwhile, the US dollar was near flat after moving off more than two-week highs following some softer-than-expected US economic data ahead of this week's Nonfarm Payrolls showdown event.
First, as what can be sometimes presumed to be a prelude to the public jobs data, the US private payrolls rose by the most in seven months in April.
The ADP data showed that companies boosted production to meet a surge in demand amid massive government spending and rising COVID-19 vaccinations. However, the 742,000 private jobs created fell short of the 800,000 jobs expected by economists in a Reuters poll.
In other data, services industry activity eased in April from a record level in March.
Nevertheless, the dollar index DXY remained stationary, consolidating the recent two-way price action.
Meanwhile, in the US Treasury market, yields were struggling for air.
The benchmark 10-year yield hit a session high of 1.626% but was holding below a 14-month high of 1.776% seen in business done on March 30. The 10-year ended down 1.44%.
Looking ahead for the week, payrolls probably surged again, helped by fiscal stimulus and an easing of COVID restrictions. If so, this could underpin the US dollar and weigh on metals.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
