Gold trades flat ahead of the European open

LONDON (June 7)  Gold is trading flat this morning at $1840/oz. Silver however has fallen around 0.87% to trade at $21.92/oz ahead of the European open. In the rest of the commodities complex, copper (-0.63%) and spot WTI (-0.20%) are both in the red.

Equities were mixed in the Asia Pac area. The Nikkei 225 (0.10%) and Shanghai Composite (0.18%) closed higher while the ASX fell 1.53%. Futures in Europe are also indicating the cash open may be negative. 

In FX markets, the biggest mover was USD/JPY. The pair rose 0.80% overnight. GBP/USD fell 0.72% erasing gains made from the previous session. In the crypto space, BTC/USD fell nearly 6% to trade at $29,478.

News from overnight: 

RBA raises its cash rate by 50 bps to 0.85%.

The U.K. PM Boris Johnson wins the no-confidence vote and remains in charge.

U.K. PM Johnson says he is not interested in a snap election.

BoJ Gov Kuroda says a weak yen is beneficial for Japan's economy if moves are not too sharp.

China state financial press says the economy is expected to rebound in H2.

Germany April factory orders -2.7% vs +0.3% m/m expected.

New Zealand ANZ Commodity Prices for May -2.8% m/m (vs. prior -1.9%).

Japanese April wages +1.7% y/y & April household spending -1.7% y/y.

U.K. BRC like-for-like sales in May -1.5% y/y (prior -1.7%).

Australian services PMI for May 49.2 (prior 57.8).

KITCO