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Commodities sell off leading into the European open

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(Kitco News) - Gold (-0.52%) and silver (-1.32%) have sold off overnight ahead of the European open. The commodities complex rout does not stop there as copper (-1.68%) and spot WTI (-0.82%) have both fallen too. 

Things were not much better in risk markets. The Nikkei 225 (-1.73%), ASX (-0.43%) and Shanghai Composite (-0.37%) all traded in negative territory. Futures in Europe are also indicating a negative open. 

In FX markets, the dollar index pushed 0.15% in the black. The biggest mover overnight was AUD/USD which fell over 1% and broke a technical support. In the crypto space, BTC/USD is trading at $19,396 down nearly 3%. 

News headlines:

ECB's Holzmann says he would have preferred to hike sooner, & 2% inflation some time away.

El Salvador's President says bought 80 bitcoin at $19,000 each.

U.K. government plans VAT (tax) cut to ease the pain of rising prices.

Japan June Manufacturing PMI 52.7 (prior 53.3).

China Manufacturing PMI for June: 51.7 (expected 50.1). Private survey Caixin / Markit PMI.

Japan May unemployment rate 2.6% (expected 2.5%).

Australia's manufacturing PMI (June) hit 56.2 (prior 55.7).

New Zealand June consumer confidence drops to 80.5 from 82.3 in May.

Looking ahead to the rest of the session highlights include EZ CPI, EZ/U.K./U.S. PMI's, and a speech from ECB's Panetta. Candian markets are closed. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.