Gold and silver trade marginally lower heading into the European open
LONDON (June 16) After pushing higher post FOMC both gold (0.11%) and silver (-0.10%) are trading marginally lower ahead of the European cash market open. In the rest of the commodities complex, copper (0.25%) and spot WTI (0.36%) are trading higher.
Stocks were mixed in the Asia Pac area. The Nikkei 225 closed 0.40% higher but the ASX (-0.15%) and Shanghai Composite (-0.70%) both struggled. Futures in Europe are pointing towards a positive cash open.
In FX markets, after yesterday's fall, the dollar index is up 0.39%. The biggest mover overnight was USD/JPY which rose 0.47%. In the crypto space, BTC/USD fell 3.69% and now trades at $21,725.
News from overnight:
Last night the Fed hiked rates by 75 bps and lifted its FFR projections. Fed's Powell said he does not expect 75 bps moves to be common.
ECB's de Guindos: Markets should not doubt how determined we are to address fragmentation.
Shanghai orders mass COVID testing each weekend until the end of July.
China house price index for May -0.1% y/y (prior +0.7%).
Australian May Unemployment rate 3.9% (expected 3.8%).
China will set up a centralized iron ore buyer to counter the dominance of Australia.
Biden is willing to use Defense Production Act to bring down gasoline prices.
New Zealand Q1 GDP -0.2% q/q (expected +0.6%).
Looking ahead to the rest of the session highlights include the BoE rate decision, SNB rate decision, U.S. initial Jobless Claims, and comments from ECB's de Guindos and Panetta.
KITCO
