• Silver price loses ground for the fourth consecutive day around $27.90 in Wednesday’s early European session, down 0.55% on the day. 
• Stronger USD and Chinese demand concerns undermine Silver, while rising Fed rate cut bets might help limit its losses. 
• The US August Nonfarm Payrolls report will take center stage on Friday. 

Silver price (XAG/USD) faces some selling pressure near $27.90 on Wednesday during the early European trading hours. The renewed US Dollar (USD) demand weighs on the USD-denominated Silver price. Traders will take more cues from the highly-anticipated US Nonfarm Payrolls (NFP) on Friday, which might influence the white metal price. 

China’s service activity growth slowed in August despite the summer travel peak. The Chinese Caixin Services Purchasing Managers' Index (PMI) dropped to 51.6 in August from 52.1 in July, weaker than the estimation of 52.2. This report and another PMI report on the weekend added concerns about the economic slowdown and deterioration of demand in China, which exert some selling pressure on the Silver price as China is the top silver exporter globally.

The imminent Federal Reserve (Fed) rate cuts might underpin the precious metal in the near term as it makes Silver cheaper for most buyers. The markets are now pricing in nearly 61% possibility of a 25 basis points (bps) rate cut by the Fed in September, while the chance of a 50 bps reduction stands at 39%, according to the CME FedWatch tool.