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Gold and silver both head into the European open higher after a tough Wednesday

September 30, 2021

London (Sept 30) Gold and silver are heading into the European open higher this morning. Gold had a tough session yesterday and now trades at $1728/oz and silver also broke an important daily support as greenback strength kicked in. In the rest of the commodities complex, both copper (0.17%) and spot WTI (0.27%) trade higher.

Risk sentiment in the Asia Pac area was slightly mixed as the Nikkei 225 close -0.31% lower but the ASX (+1.88%) and Shanghai Composite (0.91%) both improved. This morning futures markets are indicating a positive cash open in Europe.

In FX markets the main story is the dollar strength. This morning there has been a small relief bounce but nothing to write home about. Bitcoin is 5% higher this morning trading at $43,600.

Fortescue iron ore mining operations were suspended after a worker's death today.

Thursday is the deadline for avoiding a US government shutdown. Schumer says the funding bill will pass. Both the House and Senate are set to pass a stopgap funding bill in a last-ditch effort to avert a shutdown.

US Senator Manchin opposing more spending: "Fiscal insanity".

U.K. September Nationwide house prices +0.1% vs +0.6% m/m expected.

U.K. Q2 final GDP +5.5% vs +4.8% q/q prelim.

(Germany) North Rhine Westphalia September CPI +4.4% vs +4.2% y/y prior.

SEC Chairman Gary Gensler reiterates his support for a bitcoin futures ETF.

China Caixin/Markit Manufacturing PMI for September 50.0 (expected 49.5).

China official PMIs for September: Manufacturing 49.6 (expected 50.1).

Australia Private Sector Credit for August +0.6% m/m (prior 0.7%).

Australia Building Approvals for August +6.8% m/m (expected -5.0%).

New Zealand Building Permits for August +3.8% m/m (expected +2.3%).

Japan Retail sales for July -4.1% m/m (expected 1.3%).

Japan Industrial Production for August -3.2% m/m (expected -0.5%).