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Gold and silver have moved lower overnight. The yellow metal is trading -0.20% lower at $1809/oz while silver lost around -0.40% to trade at $25.29/oz. In the rest of the commodities complex, there is pretty much weakness across the board. Copper is -0.31% lower while spot WTI has also moved -0.68% in the red.
After a mixed close on Wall Street, it was pretty much a negative bais in Asia. The Nikkei 225 (-0.50%), ASX (-0.23%) and Shanghai Composite (-0.71%) all traded in negative territory. Ahead of the cash open in Europe futures markets are painting a mixed picture. The FTSE and EuroStoxx are negative while the CAC40 and DAX look firm.
In FX markets, the antipodeans were firm as both NZD and AUD strengthened against the U.S. dollar. There was also a mild bout of JPY strength as USD/JPY moved -0.18% lower. In the crypto space, BTC/USD declined again and now trades at $38,316.
Looking at the major stories from overnight, the RBA left its cash rate unchanged at 0.10% in the August monetary policy decision. The central bank announced no change to its QE/tapering plans for the time being, brushing aside the recent virus outbreak by saying that if it gets contained then the economy would be able to bounce back quickly.
China market regulator launches investigation on auto chip distributors.
Japanese officials say the COVID-19 hospital bed situation has become severe.
Fed's Waller concedes a tapering announcement could come in September.
Gaming stocks were hit in China as the government announced a crackdown on firms.
The RBNZ is now considering tighter lending as the housing market prices are above a "sustainable" level.
Wuhan city will now be conducting city-wide COVID-19 tests as some infections were found.
Looking ahead to the rest of the session highlights include EU PPI, Canadian manufacturing PMI, U.S. factory orders, and comments from Fed's Bowman and Clarida. SEC Chairman Gary Gensler, who has said he's no cheerleader for digital assets, is scheduled to speak about cryptocurrencies at the Aspen Security Forum.
By Rajan Dhall
For Kitco News
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