Gold barely hangs on to gains ahead of the European open
London (Jan 25) Gold is heading into the European open flat after holding on to gains made on Monday's session. Silver is -0.71% lower trading at $23.78/oz. In the rest of the commodities complex, copper is -1.31% lower and spot WTI has dropped around half a percent.
Equities in the Asia Pac area were weak despite the late recovery in the U.S. indices. The Nikkei 225 (-1.66%), ASX (-2.49%) and Shanghai Composite (-2.58%) all traded lower overnight. Futures in Europe are pointing towards a mixed open.
In FX markets, USD/CHF was the biggest mover. The pair rose 0.41% overnight with the rest of the majors remaining pretty static. NZD/USD has broken the previous wave low on the daily chart to keep the downward trend in tact. In the crypto space, the pressure on BTC/USD continues as the asset fell nearly -2% overnight.
News from overnight:
BOJ's Kuroda: Must continue easy policy as inflation target remains distant.
China's MofCom subdued outlook on economic developments, but upbeat on China regardless.
U.S. Blinken says returning to Iran nuclear deal is still the preferred option.
Japan to add 18 prefectures to "pre emergency" COVID-19 level.
U.S. Department of Defense spokesperson said that 8,500 personnel are to be activated to aid Nato.
U.K. PM Johnson met with the US, Italy, Poland, France, Germany, EU and NATO re Ukraine.
White House Deese says the recalibration by the Federal Reserve is appropriate.
New Zealand December Services PMI 49.7 (vs. prior 46.5).
Australia business confidence for December: -12 (prior 12).
Australia Q4 2021 inflation data - Core inflation 2.6% y/y (expected 2.4%).
Australia weekly ANZ-Roy Morgan Consumer Confidence increased 2.2pts to 100.1.
Looking ahead to the rest of the session highlights include German Ifo, U.S. consumer confidence, and earnings continue.
KitcoNews
