Gold and silver trade lower heading into the European open
London (Jun 7) Gold and silver have moved lower leading into the first trading day of the week. Gold is trading -0.35% lower at $1883.45/oz, while silver has dropped over 1% to trade at $27.50/oz. In the rest of the commodities complex, spot WTI is down 0.31% and copper has lost 0.62%.
Risk sentiment was very mixed overnight as the Nikkei 225 (0.27%) and Shanghai Composite (0.06%) closed higher but the ASX dropped -0.19%. Futures in Europe are pointing to a negative open.
In FX markets, the dollar index is marginally higher (0.08%) and the biggest mover overnight has been GBP/USD which fell 0.23%. This was closely followed by USD/CAD which has risen 0.21%.
Looking at some of the news stories from the weekend, China says it expects to have at least 70% of the population vaccinated by December.
UK Trade Secretary Liz Truss calls out China’s pernicious trade misbehavior.
Japan's Nishimura: Government will work with BOJ to revive the economy, avoid deflation
Early results show Peru’s knife-edge presidential runoff is too close to call. Meanwhile in Mexico, The public pared back President Andres Manuel Lopez Obrador's power in elections on Sunday. The official forecast of results showed, delivering his MORENA party and allies a reduced majority that will make sweeping change more difficult (Reuters).
In the U.S., Fox News has reported a USD880bn infrastructure bipartisan agreement.
US Treasury Secretary Yellen says she will persist with Biden's $4tln spending plan even it sends inflation higher. Yellen also said a slightly higher interest rate would be favorable.
The President of El Salvador wants to make Bitcoin legal tender.
Sticking with cryptocurrencies, fintech firm Square to build an open-source, solar-powered bitcoin mining facility.
G7 finance ministers agreed on a 15% minimum tax rate for international firms.
Chinese Trade Balance (USD) (May) 45.53B vs exp 50.50B prev 42.86B.
German Factory Orders (MoM) (Apr) -0.2% vs exp 1.0% prev 3.9%.
Looking ahead to the rest of the session there are not many tier-one data points on the agenda but we will get the ECB asset purchase details and Eurozone Sentix data.
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