Gold and silver are trading flat leading into the European open
Gold and silver are trading flat leading into the European open. The yellow metal trades at $1887/oz while silver hovers around $27.70/oz. In the rest of the commodities complex, copper (-0.30%) and WTI (-0.30%) are both lower while palladium (0.30%) is the only precious metal to trade higher.
The indices in the Asia Pac area bucked the negative handover from Wall Street. The Nikkei (0.34%), ASX (0.44%) and Shanghai Composite (0.55%) all traded higher overnight. European futures are pointing to a positive open.
In the FX markets, once again there was no real movement overnight. The dollar index trades 0.02% higher and the biggest mover was AUD/USD which pushed 0.14% higher. In the crypto space, BTC/USD has dropped 1.60% after an impressive 12% rally during yesterday's session.
Looking at some of the news from overnight, PBOC Governor Yi Gang says sees China's 2021 consumer inflation below 2%.
In the China vs Australia trade war, Australian PM Morrison says the nation will refer China tariffs to WTO.
U.S. Congressman Yarmuth says a bipartisan infrastructure deal looks unrealistic.
A bipartisan House group unveiled a $1.25trl plan that could avoid corporate and income tax increases.
Commerce ministers of the U.S. and China spoke on the phone, agreed to move forward. The U.S. and China agreed to push forward with investment ties.
Japanese PPI for May printed at +0.7% m/m vs the expected reading of 0.5%.
There have been reports suggesting Japan is considering a major economic stimulus package soon, before 'snap' election in September.
Moderna plans to expand manufacturing capability, aims to supply 3bn doses of its vaccine next year.
Looking ahead to the rest of the session highlights include the ECB rate decision, OPEC report, U.S. CPI, U.S. initial jobless claims and comments from ECB's Lagarde, Lane, German Buba's Balz, BoE MPC Member Haldane.
By Rajan Dhall
For Kitco News
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