Silver is trading higher heading into the European open

LONDON ( Mar 22)  Gold (-0.12%) is trading marginally lower heading into the European open. Elsewhere silver is 0.35% higher trading at $25.27/oz. In the rest of the commodities complex, copper has fallen 0.22% and spot WTI is 0.95% in the red.

Risk sentiment was fairly good overnight. The Nikkei 225 (1.48%), ASX (0.86%) and Shanghai Composite (0.19%) all closed higher. Futures in Europe are pointing to a slightly negative cash open. 

In FX markets, USD/JPY was the biggest mover overnight rising 0.84%. The greenback also performed well against the EUR and GBP. In the crypto space, BTC/USD rose nearly 3% and is trading at $42,238.

News from overnight:

Fed Chair Powell said if the FOMC needs to raise the fund rate by more than 25bps at any meeting they will do so. 

Ukraine's Zelensky says he's prepared to discuss commitment from Ukraine not to seek NATO membership.

Zelensky also added that a meeting with Putin is vital to determine Russia's position on the end of the war.

Japan's PM Kishida "Strongly opposes Russia's decision to cancel peace talks"

U.S. President Biden - Putin's back is against the wall, and he is talking about new false flags.

Biden warns the private sector to shore up cyber defensives as attacks are coming.

SNB reports foreign currency interventions of CHF 21.1 billion in 2021, less compared to CHF 109.7 billion in 2020.

RBA Lowe said the RBA won't respond until there is evidence of widespread price pressures.

Japan Chief Cabinet Secretary Matsuno is not thinking about economic stimulus package now.

NZ Q1 Westpac Consumer Sentiment 92.1 vs 99.1 last.

Looking ahead to the rest of the session highlights include the NBH policy announcement and comments from Fed's Williams, Daly, Mester, ECB's Lagarde, lane, de Guindos, and Panetta.

kitco