Gold is trading higher leading into the EU open
(Kitco News) - Gold had a positive session overnight moving 0.36% higher to reach $1855/oz. Silver is also trading well up 0.80% at the psychological $25/oz area once again. In the rest of the commodities complex, copper is flat and spot WTI fell after reports that the U.S. and China may release some more reserves.
Risk sentiment was mixed in Asia. The Nikkei 225 (-0.40%) and ASX (-0.68%) both fell while the Shanghai Composite rose 0.44%. In Europe, futures markets are projecting a negative cash open.
In the FX markets, GBP/USD has risen 0.25% following the inflation data this morning, and overnight the biggest mover was NZD/USD which rose 0.30%. In the crypto space, BTC/USD dipped slightly below $60k.
US President Biden says he will be naming the new Fed Chair in "about 4 days".
China is to ease curbs on developer funding. Restrictions on funding for China developers will be relaxed in the ABS market which is said to be worth $150bln.
ECB's Rehn says Euro area inflation will ease next year.
Fed's Daly says she has a strong bias to stick to the current planned taper pace. She added running a sustained expansion gives people time to come back to the jobs market.
Indian media report India may allow crypto as an asset but not as a currency.
According to the WSJ, the U.S. is to sell $56m in cryptocurrency seized in the BitConnect fraud scheme.
U.S. Treasury Secretary Yellen says the U.S. government can be financed until December 15.
RBA Governor Lowe spoke told analysts, markets they are wrong about rate hikes.
Australia Wage Price Index for Q3 2021 0.6% q/q (vs. expected 0.5%).
Japan Core Machinery Orders for September 0.0% m/m (expected 1.8%).
U.K. October CPI +4.2% vs +3.9% y/y expected.
Looking ahead to the rest of the session highlights include EZ CPI, U.S. building permits, housing starts, Canadian CPI, and comments from ECB's Lagarde, Schnabel, Fed's Evans, Mester, and Bostic.
By Rajan Dhall
For Kitco News
Follow rajfx10
rdhall@kitco.comwww.kitco.com