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- After a bit of a choppy session yesterday gold is trading 0.36% higher leading into the European open on Wednesday. Silver has also moved into the black and trades 0.40% up at $23.73/oz. Looking at the rest of the commodities complex, copper (0.13%) and spot WTI (0.42%) are both trading higher too.
In terms of risk sentiment, the Nikkei 225 (0.59%) and Shanghai Composite (0.76%) had a much-needed pullback but the ASX still fell around -0.12%. Futures in Europe are pointing toward a positive open.
In FX markets, it was a pretty lackluster session overnight but the dollar index slipped 0.07% after some recent strength and the biggest mover was AUD/USD which rose 0.14%. BTC/USD has risen 1.58% overnight to trade at $45,339.
Looking at some of the news stories from overnight, RBNZ kept its official cash rate at 0.25% vs market expectations of a move to 0.50%.
UK July CPI +2.0% vs +2.2% y/y expected.
Australia Q2 wage price index +0.4% q/q vs +0.6% expected.
China reports 6 new local coronavirus cases vs 17 a day earlier.
Fed's Kashkari said, "I believe these will be short-lived high inflation readings". He also added that he thinks the end of this year or early next year are reasonable timelines for taper.
BHP is set to leave the FTSE 100 index after unveiling plans to scrap the dual listing of its shares in London and Sydney.
Looking ahead to the rest of the session highlights include EZ & Canadian CPI, U.S. building permits, weekly DoE's and the FOMC meeting minutes.
By Rajan Dhall
For Kitco News
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