Bank of England’s MPC (hawk) member Catherine Mann said that the bank should closely monitor the effects of its quantitative tightening (QT) programme on monetary and financial conditions, especially in light of the recent interest rate cuts.
Silver prices soar, gaining over 5% on Monday, as investors who had become risk-averse earlier pushed the grey metal higher. However, as market sentiment improved, buyers continued to drive XAG/USD higher, trading at $34.65 near year-to-date (YTD) highs.
Brent crude continues to consolidate in a sideways pattern, with downward momentum still dominant. A potential base formation hinges on holding above recent lows and reclaiming key moving averages, Société Générale's FX analysts note.