(Kitco News) - Following the hawkish rhetoric last week from Powell gold has started this week on the back foot. The yellow metal is 0.79% lower at the start of the session. Silver is also struggling and trades 1.65% lower at $18.57/oz. Elsewhere in the commodities complex, copper (-2.74%) has also dropped but spot WTI is 0.46% in the black.
Indices have taken a slide in the Asia Pac area as the Nikkei 225 (-2.66%) and ASX (-1.95%) struggled but the Shanghai Composite rose 0.05%. Futures in Europe are projecting a negative cash open.
In FX markets, the dollar index pushed higher again. The biggest causality was the Japanese Yen as USD/JPY rose 0.75% overnight. In the crypto space, BTC/USD trades at $19,829.
News from the weekend and overnight:
ECB's Villeroy de Galhau forecasts a 'significant' September rate hike, & to neutral by year-end.
ECB's Rehn is concerned about the falling euro. Rhen added, "Certainly we are monitoring the exchange rate".
ECB's Schnabel says rates must be raised, even into a recession.
ECB's Kazaks says he is not happy with the lower EUR (euro). Kazakhs also added that the ECB should discuss 50-75bps hikes in September.
Monetary Authority of Singapore considering further crypto regulation measures.
Swiss National Bank President Jordan warned of persistently higher inflationary pressure.
Chinese customs will suspend meat imports transported by US firm Tyson Fresh Meat.
U.K. Foreign Minister Truss will declare China an official threat.
BoJ Kuroda says again that inflation in Japan is transitory.
Australia July retail sales +1.3% m/m (expected 0.3%).
Profits at China's industrial firms fell 1.1% in January-July y/y (prior +1.0%).
Looking ahead to the rest of the session there is a lack of tier 1 data and it is a bank holiday in the U.K.
