x
After a decent session yesterday, in which gold rose 1.36% the yellow metal is flat this morning leading into the European open. Silver is trading 0.09% higher overnight at $23.60/oz but has a resistance level at $23.78/oz to contend with. In the rest of the commodities complex copper (0.10%) and spot WTI (0.77%) are both trading higher.
In terms of risk sentiment, indices in the Asia Pac area traded well overnight. The Nikkei 225 (0.87%), ASX (0.17%) and Shanghai Composite (1.02%) all moved higher once again. Futures in Europe are pointing towards a positive cash open.
In the FX markets, the antipodeans moved higher overnight. AUD/USD moved up 0.33% but the biggest mover was NZD/USD which jumped 0.48%. In the crypto space, bitcoin is once again hovering around the $50K market after briefly trading above the psychological area on Monday.
In terms of news, Chinese President Xi may not be attending the G20 summit in Rome. This would delay a meeting with him and U.S. president Biden.
Sticking with the two biggest economic powerhouses, Kamala Harris said China's actions in the South Sea continue to undermine rules-based order and sovereignty of nations.
In Germany, the latest polls put Angela Merkel's conservative party head to head with the SPD's (23%).
Germany Q2 final GDP +1.6% vs +1.5% q/q prelim.
Australia weekly consumer sentiment survey: 101.6 (previous week 101.1).
New Zealand Retail sales excl. inflation for Q2: +3.3% q/q (prior 2.5%).
The NZ finance Minister Robertson says the nation entered the lockdown with a strong economic position.
Looking ahead to the rest of the session highlights include U.S. new home sales, weekly oil API data and comments from ECB's Schnabel.
By Rajan Dhall
For Kitco News
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