Gold heads lower leading into the European open
(Kitco News) - Heading into the European session, gold (-0.21%) and silver (-0.33%) are both trading lower. In the rest of the commodities complex, copper (-0.87) is underperforming while spot WTI (0.34%) is trying to recover from some of the losses seen yesterday.
The Nikkei 225 (0.08%), ASX (0.31%) and Shanghai Composite (1.50%) all traded higher overnight. Futures in Europe are indicating a negative cash open.
In FX markets, AUD/USD was the biggest mover overnight falling 0.38%. In the crypto space, Bitcoin has popped back above $20k.
News from overnight:
Yesterday Fed's Powell said he would not take anything off the table when it came to hikes.
Fed's Harker reiterated he would like to see rates above 3% by the end of the year.
A U.S. Admin official says G7 will address energy and food issues.
China's Shenzen province announces that anyone entering a public venue needs a PCR test.
Austalia preliminary PMIs for June. Manufacturing 55.8 (prior 55.7).
Japan preliminary Jibun PMIs for June. Manufacturing 52.7.
Looking ahead to the rest of the session highlights include Flash PMI's from most nations, U.S. initial jobless claims, policy announcements from the Norges bank, CBRT and Banxico. More comments from Fed's Powell and U.S. bank stress test results.