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Gold holds up and silver rises heading into the European open

January 19, 2022

London (Jan 19)  Gold is flat this morning despite rising yields. The yellow metal is trading at $1813/oz. Silver has risen 0.44% overnight to hit $23.5/oz. In the rest of the commodities complex, copper is trading 0.31% higher and spot WTI lost -0.55% after hitting its highest level since October 2014.

Stocks continued to trade lower after a tough U.S. session. The Nikkei 22 (-2.80%), ASX (-1.03%) and Shanghai Composite (-0.33%) all fell overnight. Futures in Europe look weak ahead of the cash open.

In FX markets, there was not too much movement overnight. The biggest mover was NZD/USD which rose 0.23% higher in the Asian session. In the crypto space, BTC/USD fell -2.42% to trade at $41,359.

News from overnight:

U.K. conservative members reportedly think they have enough votes to trigger a confidence vote in PM Johnson.

A U.K. media agency reported that Covid restrictions to be lifted on Wednesday

BOJ: The impact of weaker yen in boosting exports has been falling in recent years.

Tokyo set to post record daily COVID-19 cases above 7,000 today.

There was an explosion at a pipeline between Turkey and Iran which sent oil higher overnight.

ECB's Villeroy said French economic growth is good but there is too much inflation.

Germany December final CPI +5.3% vs +5.3% y/y prelim.

U.K. December CPI +5.4% vs +5.2% y/y expected.

NZ Card Spending for December +0.4% m/m (expected -2.3%)

Australian Westpac Consumer Confidence Index for January 102.2 (prior 104.3).

Looking ahead to the rest of the session highlights include Canadian CPI, IEA OMR, U.S. building permits, housing starts and more earnings.


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