Gold and silver push higher ahead of the European open

London (Feb 1)  Gold has moved higher leading into the European open. The yellow metal moved 0.36% higher to trade just above the psychological $1800oz area once again. Silver also moved up 0.40%. In the rest of the commodities complex, copper rose 0.32% and spot WTI is trading flat. 

In the Asia Pac area, the Nikkei 225 (0.28%) and ASX (0.49%) followed the lead from Wall St. to move higher. Futures in Europe are pointing towards a positive open. 

In FX markets, the dollar index is -0.14% lower overnight with the biggest mover being USD/CHF (-0.31%). In the crypto space, bitcoin is trading flat at $38,441.

News from overnight:

RBA holds the Cash Rate at 0.10%, as expected. Ends QE but in general, the RBA maintained a dovish tone. 

Australian December retail sales -4.4% vs +3.9% expected.

German Retail Sales MoM: -5.5% (Forecast -1.4%, Previous 0.6%).

U.K. Nationwide House Prices MoM: 0.8% (Forecast 0.6%, Previous 1.0%).

Japan unemployment rate 2.7% vs 2.8% expected.

Australia January final Markit PMI 55.1 vs 55.3 (preliminary).

Australia AiG December manufacturing index 48.4 vs 54.8 prior.

Japan January Jibun bank manufacturing PMI 55.4 vs 54.6 expected.

New Zealand December trade balance -$477m vs -$864m prior.

Looking ahead to the rest of the session highlights include EZ, U.K., and U.S. manufacturing PMI's, EZ unemployment data, and earnings continue. 

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