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Gold and silver move lower leading into the European open

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(Kitco News) -Gold and silver have both moved lower leading into the European open. The yellow metal has called -0.38* while silver has dropped -0.88% into the red. In the rest of the commodities complex, copper has also fallen -1.21% but spot WTI (+0.04%) has managed to keep its head above water.

In terms of the risk sentiment overnight the Nikkei 225 (2.13%) and ASX (1.19%) both traded well but the Shanghai Composite fell -0.63%. European index futures are pointing to a positive open.

In the FX markets, the dollar index (0.14%) has traded higher overnight with commodities currencies the main casualty. The worst performer is NZD/USD which fell -0.58%. Bitcoin has had another tough session overnight falling nearly 5%. 

In terms of news from the Asian session, BOJ's Kuroda said he still thinks ETF purchases still needed, not considering stopping them for now.

The BoJ are also set to be considering an extension to its pandemic economic relief scheme.

Australia could be set to ask the WTO to establish a dispute settlement panel to address barley duties by China.

This morning German April import price index rose to +1.4% vs +1.0% m/m expected.

The Chinese Department of Foreign Ministry Twitter account posted "American politicians have been trying to pass the country's evil deeds on to others, by making up stories of "forced labor" in Xinjiang and other parts of the world. US hypocrisy is stunning.". There were also some other inflammatory tweets from @zlj517.

The PBOC released a statement on yuan FX rate and say the yuan is not to be used to spur exports, offset commodity price rises.

Spain rules that investors are obliged to report their overseas crypto holdings. Does this mean they are due to get taxed?.

The CEO of Binance says cryptocurrencies can't be suppressed in the long run.

RBNZ Gov. Orr says downside risks to the economy have lessened. This comes after rate hike odds jumped after the recent central bank meeting.

The White House says it has concerns about the GOP infrastructure proposal. Saying it provides no substantial new funds and they are not sure how the GOP plans to raise the money for the projects. 

Looking ahead to the rest of the session highlights include the EZ sentiment survey, U.S. PCE, Chicago PMI and the U.S. budget proposal

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