Gold trades higher ahead of the European open
LONDON (Apr 7) Gold is trading 0.10% higher heading into the European open at $1924/oz. Silver however has fallen 0.39% and is hovering at $24.33/oz. Elsewhere in the commodities complex, copper is up 0.15% but spot WTI has fallen nearly 1%.
Stocks in the Asia Pac area struggled. The Nikkei 225 (-1.69%), ASX (-0.63%) and Shanghai Composite (-1.39%) all fell overnight. Futures in Europe are indicating a negative cash open.
In FX markets the biggest mover was AUD/USD which fell 0.33%. EUR/USD moved 0.20% higher. In the crypto space, BTC/USD is 0.55% higher and trades at $43,403.
News from overnight:
U.K .March Halifax house prices +1.4% vs +0.5% m/m prior.
Fed lays out a plan to prune its balance sheet by $1.1 trillion a year.
Pelosi visit to Taiwan stirs up US-China tensions.
BoJ’s Noguchi it will be some time before the chance to shrink stimulus is in sight.
IMF cuts Japan's growth forecast on hit from Ukraine war fallout.
Westpac: RBA tightening to begin in June, OCR at 2% in June 2023.
Hypersonic-missile delay puts U.S. further behind Russia and China.
ECB's Nagel says savers may soon enjoy higher interest rates.
Fed's unwind plan leaves money markets starved for supply.
IEA nations add 60 mln barrels to U.S. oil-stock release.
EU states raise questions on coal ban, new Russia Sanctions.
Germany February industrial output +0.2% vs 0.0% m/m expected.
Looking ahead to the rest of the session highlights include ECB minutes, EZ retail sales, and comments from Fed's Bullard, Evans, and BoE's Pill
KITCO
