Gold and silver trade marginally lower ahead of the European open
(Kitco News) - Gold (-0.14%) and silver (-0.08%) are both trading marginally lower heading into the European open. In the rest of the commodities complex, spot WTI (-0.38%) and copper (-0.28%) are both trading in the red.
Risk sentiment overnight was pretty positive as the Nikkei 225 (1.84%) and ASX (1.41%) closed higher but the Shanghai Composite fell just over half a percent. In Europe, futures are indicating a positive open.
In FX markets, the biggest mover overnight was USD/CAD which fell 0.28%. In the crypto space, BTC/USD rose 2.57% to trade above $21k.
News from overnight:
RBA Gov Lowe - waters down market expectations of 4% cash rate by year-end.
RBA Gov. Lowe says will discuss a 25 bps or 50bp interest rate hike at the July meeting (July 5).
RBA June meeting minutes say further rate hikes will be needed.
Japan PM Kishida: Rapid yen weakening is a source of concern. He also added We should not tweak monetary policy now.
Bank of Korea Governor: will act in the FX market if herd-like behavior is seen.
Goldman Sachs sees a US recession in the next year, a probability of 30% (prior was 15%).
Switzerland May trade balance of CHF 3.12 billion vs CHF 4.13 billion prior.
Looking ahead to the rest of the session highlights include Canadian retail sales, NZ trade balance, and comments from ECB's Rhen, Fed's Barker, and Fed's Mester.