Gold and silver trade higher heading into the European open

New York (Nov 4)  Gold and silver trade higher leading into the European open despite some weakness in the aftermath of the FOMC announcement. Gold is now trading at $1773/oz while silver resides at $23.50/oz. Copper is also 0.15% higher while spot WTI is half a percent in the black. 

Equities in the Asia Pac area traded well as the Nikkei 225 (0.93%), ASX (0.48%), and Shanghai Composite (0.81%) all traded higher. Futures in Europe are pointing towards a positive open. 

In FX markets, the dollar index has pared its losses to trade 0.29% higher. The biggest mover overnight was EUR/USD which fell 0.33%. In the crypto space, BTC/USD is trading -0.87% lower.

(From yesterday) The Federal Reserve will taper from this month, rate of $15bn/month. Chair Jerome Powell stated that the tapering doesn’t mean policymakers will hike rates any time soon

Travel from Hong Kong to mainland China is set to begin again in December.

Japan's Trade Minister Kajiyama has asked the US to abolish extra tariffs on steel, aluminum.

China's President Xi says will extend international shipping cooperation.

US Pentagon says China's nuclear arms stockpile is growing even faster than thought.

Australian retail sales, excluding inflation, for Q3 -4.4% q/q.

Australian September trade balance AUD +12.243bn (vs. expected surplus 12.2bn AUD).

Japanese Jibun Bank / Markit Services PMI for October 50.7 (prior 47.8)

NZ ANZ Commodity Price index for October +2.1% m/m (prior +1.5%).

German September factory orders +1.3% vs +2.0% m/m expected.

Looking ahead to the rest of the session highlights include EZ services and composite PMI's, BoE rate decision, U.S. initial jobless claims, comments from ECB's Lagarde, Elderson, and Schnabel.

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