(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 commodities complex, copper (0.88%) and spot WTI (0.55%) are both trading in the black.
Risk sentiment was good overnight as the Nikkei 225 (1.47%), ASX (0.81%), and Shanghai Composite (0.36%) all traded higher. Futures in Europe are also indicating a positive cash open.
The dollar index moved lower overnight in FX markets and the biggest mover in the majors was AUD/USD (0.50%). In the crypto space, BTC/USD is 1% lower trading at $20,317.
News from overnight:
China is rolling out new measures to expand vehicle consumption.
Shanghai reports a big jump in new COVID cases.
Japanese media reports that Tokyo is considering tightening up COVID restrictions.
No Announcement On China Tariffs Expected From Blinken Meeting With Wang Yi.
Japanese media report that the BoJ will raise its view of inflation for 2022 to above 2%.
German economy minister said the current energy shortage can lead to recession.
U.K. Halifax House Price Index MoM (SA) (Jun) Act: 1.8% Prev: 1%.
Germany Industrial Output MoM (SA) (May) Act: 0.2% Prev: 0.7% Exp: 0.4%
Switzerland Unemployment Rate (SA) (Jun) Act: 2.2% Prev: 2.2% Exp: 2.2%.
Australian trade balance for May AUD +15,965m (expected +10,725mn).
Australian services PMI drops to 48.2 in June (prior was 49.2).
Looking ahead to the rest of the session highlights include U.S. international trade, ECB mins, comments from, ECB’s Lane, Enria, Fed’s Waller, Bullard, and BoE’s Pill.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Read More:Gold and silver trade higher ahead of the European open
2022-07-07 06:44:00
