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Gold and silver move higher ahead of the European open

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(Kitco News) - Gold (0.40%) and silver (1.13%) are both trading higher as risk sentiment shifted positively overnight. In the rest of the commodities complex, copper (0.81%) and spot WTI (0.68%) are also trading in positive territory as commodities catch a bid. 

Indices also moved higher overnight as the Nikkei 225 (0.36%), ASX (0.97%) and Shanghai Composite (0.26%) all moved into the black. Futures in Europe are also pointing towards a positive cash open. 

In FX markets, the dollar index is down 0.26%. The biggest mover overnight was USD/JPY which fell 0.86%. In the crypto space, BTC/USD (0.92%) is trading at $23,155.

News from overnight:

Summary of what happened with the Fed rate decision (Click Here). 

BoJ's Amamiya: Fed policy decision has no bearing on BOJ policy moves.

BoJ Deputy Governor Amamiya: BOJ must support the economy with monetary easing.

People's Bank of China mobilizing US$148bn property developer bailout.

China is to conduct military drills in the South China Sea Friday and Saturday.

North Korean dictator Kim Jong Un has spoken about his readiness to go nuclear against the South and the U.S.

Hong Kong's central bank raises its base rate by 75bps (follows Fed higher).

RBNZ says the Funding for Lending Programme (FLP) working as planned, and will stay 'til December.

German North Rhine Westphalia July CPI 7.8% vs 7.5% y/y prior.

Australia Q2 export prices +10.1% q/q (expected +19.7%) & import prices +4.3% (exp 1.9%).

Australia retail sales for June +0.2% m/m (expected +0.5%).

NZ July business confidence -56.7 (prior -62.6).

U.K. car production rose 5.6% y/y in June as supply chain snags began to ease.

Looking ahead to the rest of the session highlights include German CPI, U.S. GDP, PCE, Initial jobless claims, and more earnings. 

 

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