Spot silver is higher on Wednesday despite a stronger US dollar, likely as a result of profit-taking. XAG/USD prices bounced at the $25.00 level and currently trade nearly 5.0% lower on the week. Despite an ongoing pick up in the fortunes of the US dollar on Wednesday spot silver prices (XAG/USD) are holding up fairly well. The precious metal found pretty decent support at the $25.00 level, which has been an important area of support this month. Given that XAG/USD had tanked nearly 5.0% since the start of the week when prices hit the $25.00 level during the Asia Pacific session, it is perhaps not surprising to see the sell-off lose some momentum as silver traders book some profits on their short positions. At present, spot silver prices are around 0.6% or roughly 15 cents higher on the session. Markets do not seem to have paid much credence to recently released US Durable Goods Orders or PMI data, though it is still worth mentioning. US data in focus US data has been in focus over the last two hours; the February Durable Goods Orders report (released at 12:30GMT) was much worse than expected, with the MoM growth in orders dropping 1.1% versus forecasts for an increase of 0.8% and the core orders down 0.9% versus forecasts for an increase of 0.6%. Hard data for the month of February has thus far been much softer than expected (recall retail sales and industrial production both also disappointed expectations). Wells Fargo attributes the poor weather last month as one factor contributing to Wednesday’s disappointing Durable Goods data, but sees ongoing supply chain bottlenecks, which are restraining new orders, as a key problem. However, the bank still expects a strong rebound in business spending this year. Elsewhere, the preliminary US Markit PMI survey has been released and was very strong as expected; the manufacturing index rose modestly to 59.0 from 58.6 last month and the services index was in line with expectations at 60.0, an 80-month high, according to Markit. According to IHS Markit’s chief economist Chris Williamson, “Another impressive expansion of business activity in March ended the economy’s strongest quarter since 2014. The vaccine roll-out, the reopening of the economy and an additional $1.9 trillion of stimulus all helped lift demand to an extent not seen for over six years, buoying growth of orders for both goods and services to multi-year highs”. However, Chris adds that “producers were increasingly unable to keep pace with demand, however, due mainly to supply chain disruptions and delays. Higher prices have ensued, with rates of both input cost and selling price inflation running far above anything previously seen in the survey’s history”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/TRY turns negative, retreats from peaks near 8.0500 FX Street 1 year Spot silver is higher on Wednesday despite a stronger US dollar, likely as a result of profit-taking. XAG/USD prices bounced at the $25.00 level and currently trade nearly 5.0% lower on the week. Despite an ongoing pick up in the fortunes of the US dollar on Wednesday spot silver prices (XAG/USD) are holding up fairly well. The precious metal found pretty decent support at the $25.00 level, which has been an important area of support this month. Given that XAG/USD had tanked nearly 5.0% since the start of the week when prices hit the $25.00 level during the Asia Pacific… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.