Gold and silver are flat leading into the European open
London (July 2) Gold and silver are trading flat leading into the European open. There was not too much movement in the whole of the commodities complex as copper (0.09%) and spot WTI (0.08%) remained pretty static too. These kinds of market movements are usually expected before non-farm payrolls.
Risk sentiment was mixed overnight. The Nikkei 225 (0.27%) and ASX (0.59%) pushed higher while the Shanghai Composite fell 1.85%. Futures in Europe are looking mixed at the FTSE is projected to open lower but the DAX is looking positive.
In FX markets, the dollar index has pushed 0.07% higher and the biggest mover overnight was EUR/USD (-0.10%). In the crypto space, BTC/USD is looking weak this morning and trades -1.79% down at $32,920.
In terms of news from overnight, Australia will cut international arrivals by 50% due to COVID-19 delta strain risk.
South Korea is likely to be the first Asian economy to start normalizing monetary policy.
There have been some reports that the EU regulators may not recognize U.K. Covid-19 vaccines for travel passports.
IMF's Georgieva says once a country gets to a 50% vaccination rate it leads to significantly improved economic performance.
The IMF also added, it still sees significant labor market slack in the US, will impact on wage and price pressure.
The U.S. won backing for the global minimum corporation tax initiative from 130 countries.
Overnight there was a removal of some restrictions in the Australian state of Queensland but PM Morison also laid out a 4-step plan to ease lockdown restrictions elsewhere.
The OPEC meeting has been postponed until today after delegates failed to come up with a solution. It was reported that there were differences between Saudi Arabia and the UAE.
Yesterday, Fed's Harker once again reiterated his support for tapering. It has been said he is looking for a $10bln per month reduction.
KitcoNews
