Gold and silver edge higher leading into the European open

 London (July 1)  After finding some support during Wednesday's session gold is trading 0.42% higher leading into the European open. Silver is also looking positive and trades 0.41% higher at $26.21/oz. In the rest of the commodities complex, copper continues to be choppy and is down -0.78% while spot WTI has risen 0.26%.

Indices in the Asia Pac area traded mixed overnight. The Nikkei 225 (-0.11%) and ASX (-0.29%) lost ground while the Shanghai Composite moved 0.07% higher. Futures in Europe are pointing towards a positive open.

In FX markets, there was some movement at last. AUD/USD moved -0.27% lower and is currently testing the previous wave low on the daily chart. The dollar index has moved 0.13% in the black. In the crypto space, BTC/USD has moved -2.29% lower overnight.

Looking at the news leading into the European session, the Chinese Caixin manufacturing PMI for June hit 51.3 vs analyst expectation 51.8 (prev 52.0).

Germany May retail sales +4.2% vs +5.0% m/m expected. Australian AiG Manufacturing PMI for June printed at 63.2 (prior 61.8). BOJ Tankan Q2 Large Manufacturers Index 14 (vs. expected 15).

Switzerland June CPI +0.6% vs +0.7% y/y expected.

Japan chief cabinet secretary Kato is said to be weighing up an additional stimulus package.

UK press reports have noted that the government is planning quarantine-free travel for the double-vaccinated by July 26.

Fed's Kaplan says he sees inflation hitting 2.4% next year and he does not expect explosive headline numbers in the jobs report.

U.S. demographic representative Waters says that her committee has started to investigate the crypto marketplace.

Looking at the rest of the session highlights include manufacturing PMI's from the major nations, EU unemployment rate and U.S. initial jobless claims. There could also be comments from BoE's Bailey, ECB's Lagarde, Elderson and Enria.

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