Gold and silver are trading higher ahead of the European Open
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(Kitco News) – Gold (0.36%) and silver (0.74%) are trading higher this morning ahead of the European cash open. In the rest of the commodity complex, copper (0.88%) and spot WTI (0.55%) are trading higher.
Risk sentiment was upbeat overnight as the Nikkei 225 (1.47%), ASX (0.81%) and Shanghai Composite (0.36%) all traded higher. Futures in Europe are also pointing to positive cash opening.
The Dollar Index fell overnight in FX markets and the biggest move from the majors was AUDUSD (0.50%). In the crypto space, BTC/USD is down 1%, trading at $20,317.
News from overnight:
China introduces new measures to increase vehicle consumption.
Shanghai reports big spike in new COVID cases
Japanese media reports that Tokyo is considering tightening COVID restrictions.
No announcement on China tariffs expected from Blinken meeting with Wang Yi
Japanese media reports that the BoJ will raise its inflation forecast for 2022 to over 2%.
Germany’s economy minister said the current energy shortage could lead to a recession.
UK Halifax House Price Index MoM (SA) (Jun) Act: 1.8% Prev: 1%.
Germany Industrial Production MoM (SA) (May) Act: 0.2% Prev: 0.7% Exp: 0.4%
Switzerland Unemployment Rate (SA) (Jun) Law: 2.2% Prev: 2.2% Exp: 2.2%.
Australia Trade Balance for May AUD +15,965m (expected +10,725m).
Australian services PMI falls to 48.2 in June (previously 49.2).
Looking ahead to the rest of the session highlights include US international trade, ECB minutes, comments from ECB’s Lane, Enria, Fed’s Waller, BoE’s Bullard and Pill.
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