Gold and silver move higher ahead of the European open
London (Aug 20) Gold has moved 0.46% higher overnight to almost pare all of the losses suffered on Thursday. The yellow metal is now trading at $1787/oz. Silver has also moved higher during the Asia Pac session and trades at $23.0/oz. In the rest of the commodities complex, copper found support at $3.95/lb and trades above the $4/lb mark again and spot WTI trades 0.34% higher.
Risk sentiment was still poor overnight as the Nikkei (-0.98%), Shanghai Composite (-1.30%) and ASX (-0.05%) all moved lower. Futures in Europe are showing a mixed picture as the FTSE is higher but the DAX is looking pretty negative.
In FX markets, the biggest move came in USD/CAD which moved 0.31% higher. Beyond that AUD/USD is still extending on losses and trades at 0.7130. In the crypto space, BTC/USD has pushed higher again and is training at $47,126.
Looking at the major news from overnight, the national lockdown in New Zealand has been extended to August 24 but all cases now appear to be linked.
Germany July PPI +1.9% vs +0.8% m/m expected.
UK July retail sales -2.5% vs +0.4% m/m expected.
Japan national headline CPI for July 2021 -0.3% y/y vs. expected +0.6%.
A date for the diary, Fed Chair Powell's Jackson Hole speech has been scheduled for August 27th.
A personal information protection law was passed in China. There will now be consultations with large internet-based firms looking to implement steps.
U.S. Treasury Secretary Yellen said it could be possible that some states need extra support after the current employment support schemes expire.
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