(Kitco News) – After falling 0.12% on Monday gold is starting Tuesday’s session on the front foot and has moved back above $1800/oz to trade 0.30% higher overnight. Silver (0.31%) is also looking firmer and has also taken out the whole of the move lower from the first trading day of the week. In the rest of the commodities complex, copper is trading flat at $4.32/lb and spot WTI is 0.32% higher.
Risk sentiment in the Asia Pac area was pretty good overnight as the Nikkei 225 (0.52%) and Shanghai Composite (0.39%) both moved higher but the ASX bucked the trend and fell (-0.02%). Futures in Europe are pointing towards a slightly negative cash open.
In FX markets, all of the majors traded within their ranges overnight. The biggest mover was AUD/USD which pushed 0.09% higher. In the crypto space, bitcoin is looking a little soft and trades at $33,024.
Looking at the major news stories from overnight, the Australian state NSW (Sydney the capital city) reports 89 new covid-19 cases. Sydney are now set to have another 4-6 week lockdown.
French President Macron says that the nation is facing a strong resurgence of the pandemic.
In the U.S., 100 out of the 12 million people that have been vaccinated have now contracted a rare immune-system disorder called Guillain-Barré syndrome.
China Exports (YoY) (Jun) 32.2% vs exp 23.1%, Imports (YoY) (Jun) 36.7% vs exp 30.0%
Germany June final CPI +2.3% vs +2.3% y/y prelim.
Australian NAB business survey (June) showed conditions at 24 (prev 37) and confidence at 11 (prev 20).
UK BRC Sales like-for-like for June +6.7% y/y (expected +24.0%, prior +18.5%).
New Zealand Food Price (inflation) for June +1.4% m/m (vs. expected +0.1%, prior +0.4%).
Looking ahead to the rest of the session highlights include U.S. CPI, Fed discount rate minutes, and comments from Fed’s Bostic and Rosengren.
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