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Gold and silver move higher leading into the European open

June 15, 2022

LONDON (June 15)  After the drop in gold for the last two sessions the yellow metal is trading 0.68% higher today. Silver is pretty much the same trading around 0.94% in the black. Elsewhere in the commodities complex, copper (1.06%) and spot WTI (0.25%) have both moved higher overnight.

Indices in the Asia Pac area were mixed overnight. The Shanghai Composite rose 0.80% but the Nikkei 225 (-1.14%) and ASX (-1.27%) both struggled. Futures in Europe are pointing towards a positive cash open.

In FX markets, the biggest mover was EUR/USD which rose 0.61%. In the crypto space, BTC/USD is trading at $21,245 as the sector continues to struggle. 

News from overnight:

ECB to hold ad hoc governing council meeting today to discuss current market conditions.

Euro jumps as ECB calls an unscheduled meeting to discuss bond rout.

China 200bn CNY MLF injection, 1 year, rate unchanged.

Speculation that a crypto-focused Singapore-based hedge fund Three Arrows Capital is insolvent.

Australia's minimum wage rises 5.2%.

Intervention from Hong Kong's 'central bank' to support the HK dollar.

Switzerland May producer and import prices +0.9% vs +1.3% m/m prior.

China (May) Retail sales -6.7% y/y (expected -7.1%).

Australian Westpac monthly consumer confidence for June: -4.5% (prior -5.6%).

Looking ahead to the rest of the session highlights include FOMC rate decision, ECB special meeting, U.S. import and export prices, U.S. retail sales and comments from ECB's Lagarde, de Cos and Panetta. 


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