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(Wallace Refiners) – Gold (0.12%) and silver (0.48%) both trade higher ahead of the European open. Gold has broken out of the previous wave high on the daily chart. In the rest of the commodities complex, copper (0.75%) has also risen but spot WTI has fallen nearly half a percent.
Indices in the Asia Pac area performed well overnight. The Nikkei 225 (1.93%) and ASX (0.34%) pushed higher but the Shanghai Composite fell 0.59%. Futures in Europe are indicating a positive cash open.
In FX markets, USD/JPY rose once again to hit its highest level in two decades. NZD/USD also fell 0.72% post RBNZ. In the crypto space, BTC/USD is flat but back above $40K.
News from overnight:
U.S. President Biden says Putin committing genocide.
The U.S. is planning another $750mn in additional weapons for Ukraine.
RBNZ raise its cash rate by 50bps vs. +25bps expected.
BOJ’s Kuroda: To sustain support for economic recovery with powerful monetary easing.
Fed’s Bullard: It is ‘fantasy’ to believe that neutral is enough to bring down inflation.
Fed’s Barkin says firms are aware they have significant pricing power this year.
Fed’s Barkin says rates should move rapidly higher to neutral.
China is relaxing its COVID-19 containment policy.
China is encouraging long-term investors, and major shareholders to buy more stocks.
Both Goldman Sachs and JP Morgan say the U.S. has hit ‘peak inflation’.
China Q1 trade data: Exports +13.4% and imports +7.5%.
U.K. March CPI +7.0% vs +6.7% y/y expected.
China’s March trade balance ¥300.6 billion vs ¥445.3 billion expected.
Japan Core machinery orders -9.8% m/m (-1.5% expected).
Looking ahead to the rest of the session highlights include U.S. PPI, BoC rate decision, and earnings from the U.S. banks.
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