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Gold and silver are trading marginally lower on the last trading day of the week. The yellow metal sold off before it could make a meaningful test of the $1800/oz area. Silver is still holding on to the psychological $26/oz area.
Risk sentiment was mixed overnight. The Nikkei 225 closed just over half a percent lower while the ASX (0.08%) and Shanghai Composite (0.15%) both moved slightly higher. US sentiment took a hit late in the session after Biden hinted at a capital gains tax rise to as much as 43.4%.
In the FX markets, the dollar index (0.10%) has moved lower once again and trades at 91.18. The biggest mover overnight was AUD/USD which trades around 0.27% higher along with NZD/USD which is a closed second at 0.26%. Copper has had another good session pushing up 0.83% and oil is just under half a percent in the black.
In terms of news, BOJ Gov Kuroda says too early discuss timing, means of exit from ultra-easy policy. This is nothing new really.
On the geopolitical front, China's Global Times tweets UK is lying, violating international law, interfering with China.
On the data front, we had the Japanese preliminary PMIs for April. Manufacturing came in at 53.3 (prior 52.7) & services hit 48.3 (prior 48.3), this morning UK March retail sales printed at +5.4% vs +1.5% m/m expected. Australia PMIs (preliminary, April) manufacturing 59.6 (prior 56.8) & services 58.6 (prior 55.5)
Japan finance minister Aso says discussing support policies for the upcoming State of Emergency due to another rise in coronavirus infections.
Use of Johnson & Johnson vaccine in the US expected to be approved again as soon as this weekend
Bitcoin dipped below 50K overnight and some crypto analysts are attributing the move to the fact that rumours of US tax on cryptocurrencies persistently arise.
Looking ahead to the rest of the session highlights include PMI's from the major nations, Russian interest rate decision, U.S. new home sales. We could also get comments from ECB's President Lagarde and German Buba's Wuermeling.
By Rajan Dhall
For Kitco News
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