Silver trades higher ahead of the European open

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(Kitco News) –  Gold is flat but silver trades 0.45% higher leading into the European open. In the rest of the commodities complex, copper is 1.10% higher and spot WTI is 1.25% in the black. 

Mainland China and Hong Kong were closed today but the ASX (0.19%) and Nikkei 225 (0.19%) both moved higher. Futures in Europe are also indicating a positive cash open. 

In FX markets, AUD/USD (1.00%) was the big move after the slightly more hawkish RBA meeting. NZD/USD (0.67%) also performed well. In the crypto space, BTC/USD is 0.11% higher. 

News from overnight:

U.S. Treasury says it will not allow any USD debt payments to be made from Russian accounts.

The money markets have brought forward RBA rate hike calls after the hawkish step today. Some analysts are looking for the RBA to hike 15 bps in June.

BoJ Gov Kuroda says the BOJ is not the Fed, appropriate to continue with monetary stimulus.

Bank of Japan Governor Kuroda warns on less effective policy if 10yr JGB moves above 0.25%.

Senior BoJ Official: Japan’s CPI is likely to hover around 2% for some time from April onward.

World Bank forecasts China’s economy to grow by 5% this year.

China reports 16,400+ new daily coronavirus cases.

U.S. Ambassador to Poland set to sign a deal with Poland to buy tanks, ammo & more.

U.S. Defense Department approved the sale of eight F-16 combat aircraft to Bulgaria.

Japan services PMI for March 49.4 (prior 45.8). 

Australian services PMI 55.6.

Australian March Construction PMI rises to 56.5 from 53.4 in February.

Looking ahead to the rest of the session highlights include composite and services PMIs, and comments from Fed’s Williams and Kashkari.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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