Silver trades higher ahead of the European open

LONDON (Aug 8)  Gold is trading flat this morning while silver is 0.42% in the black. In the rest of the commodities complex, copper (0.11%) and spot WTI (1.42%) are both trading higher. 

Risk sentiment in the Asia Pac area was positive overnight as the Nikkei 225 (0.26%), Shanghai Composite (0.31%), and ASX (0.07%) all closed higher. Futures are indicating a positive cash open in Europe.

In FX markets, AUD/USD was the biggest mover as the pair climbed 0.40%. USD/JPY pushed 0.29% in the black too. In the crypto space, BTC/USD is up 2.40%. 

News from the weekend and overnight:

Fed's Daly: "inflation is too high and the focus has to be on bringing inflation down".

Fed's Bowman says 75bp increases should be on the table until seen inflation declining.

China says will continue military drills around Taiwan today.

RBNZ inflation expectations rise higher again with 1-year expectations at 4.86% and 2-year 3.07%.

Hong Kong is dialing back its COVID quarantine restrictions.

China has locked down the beach resort city of Sanya.

UN secretary-general Guterres says the threat of nuclear confrontation has returned.

Switzerland's July seasonally adjusted unemployment rate 2.2% vs 2.2% expected.

KITCO