(Kitco News) – Gold (-0.54%) and silver (-0.75%) have moved lower heading into the European open. In the rest of the commodities complex, copper (-1.04%) and spot WTI (-0.09%) are also in the red.
Risk sentiment was mixed overnight as the ASX (0.44%) and Nikkei 225 (0.62%) pushed higher but the Shanghai Composite fell 0.10%. Futures in Europe are indicating a negative cash open.
In FX markets, the dollar index pushed 0.50% higher and USD/JPY (1.00%) was the biggest moving major. In the crypto space, BTC/USD is back at $20k.
News from overnight:
Fed’s Mester says inflation is too high but the rate hike decision does not need to be made yet.
Fed’s Mester says the risk of recession has increased, but the Fed must lower inflation.
Fed’s Daly says her most likely response is a 75bp rate hike in July.
Chinese authorities are eyeing capital controls – concern on flows of funds offshore.
US President Biden says he will use force to stop Iran from getting a nuclear weapon.
Germany June wholesale price index +0.1% vs +1.0% m/m prior.
Switzerland’s June producer and import prices +0.3% vs +0.9% m/m prior.
Australia (June) Jobs +88.4K(expected +25K) Unemployment rate 3.5% (expected 3.8%).
Looking ahead to the rest of the session highlights include U.S. initial jobless claims, comments from Fed’s Waller and earnings season kicks off.
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