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(Wallace Refiners) – Gold (0.13%) and silver (0.43%) have moved higher during the Asian session. The yellow metal now trades at $1882.70/oz while silver moved to $27.64/oz. In the rest of the commodities complex, copper has fallen -0.86% and spot WTI is up 0.29%.
Risk sentiment was good overnight as the Nikkei 225 (0.17%), ASX (0.22%) and Shanghai Composite (0.27%) all closed higher. Leading into the Europe futures markets are pointing to a positive open for the major bourses.
In FX markets, USD/JPY was the biggest mover as the pair fell 0.17%. The dollar index is 0.08% lower and the rest of the majors traded within tight ranges.
Looking at the news, in Japan, hospitals in Osaka running out of beds, doctors warn of a “system collapse”.
China has reiterated that it will not tolerate commodity price violations. The National Development and Reform Commission of the People’s Republic of China (NDRC) said they met with key firms engaged in iron ore, steel, copper, and aluminium industries.
China’s State Council renewed the crackdown on crypto mining, trading.
An Iranian official notes an extension of the nuclear monitoring agreement is possible. U.S. Secretary of State Blinken said there was no sign as of yet Iran were willing to sign any deal.
NZ Q1 Retail Sales excl inflation printed at +2.5% q/q (vs. expected -1.8%).
Swiss National Bank Chairman Jordan says the Swiss franc remains highly valued (nothing new).
Today is the Consensus by CoinDesk virtual gathering, with speakers including Ray Dalio and Cathie Wood. Maybe we could see more comments on the recent plunge in BTC/USD.
The calendar is very light on data today but we could hear from BoE’s Baliey, Cunliffe, Saunders, ECB’s McCaul, BoJ’s Kuroda, Fed’s Brainard, Mester, Bostic and George
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