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Gold and silver have pushed up overnight leading into the European open. Gold is trading 0.70% higher above the psychological $1800/oz level while silver is 0.89% in the black. Looking at the rest of the commodities complex, copper is 0.17% higher and spot WTI has moved 1.23% up too.
In terms of risk sentiment, the Nikkei 225 (-0.36%) and ASX (-0.04%) traded negatively but the Shanghai Composite bucked the trend to trade 0.39% higher. Futures in Europe are pointing towards a marginally positive open.
In FX markets, the dollar index is -0.10% lower but the biggest mover was AUD/USD which is currently trading 0.26% higher. In the crypto space, BTC/USD is 0.66% in the black trading at $47,160.
Looking at the news, Fed's Kaplan says the Fed rate liftoff would be appropriate in 2022. He also added he sees resilience in the economy to the Delta variant.
According to press reports in China, the PBOC could be set to cut the RRR and increase lending.
China is set to release more metals from its state reserves on 1st September. 30K tons of copper, 50k tons of zinc and 70k tons of aluminum.
Germany July import price index +2.2% vs +0.8% m/m expected
China July Industrial profits +16.4% y/y and +57.3 y/y YT
Australia Retail Sales for July -2.7% m/m (expected -2.3%)
New Zealand consumer confidence falls to 109.6 in August from July's 113.1.
U.S. President Biden is set to make an announcement about the Fed Chair position later in Fall. It has been said he is considering the reappointment of Powell as Chairman and Brainard as Vice-Chair.
Looking ahead to the rest of the session highlights include U.S. PCE data, University of Michigan data and comments from Fed's Powell, Harker, Mester and Harker.
By Rajan Dhall
For Kitco News
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