Prior to the European open, gold and silver are trading lower

Gold prices have retraced ahead of the European open after a strong day on Thursday (-0.62%). It has a similar effect as silver (-0.28%), albeit to a smaller amount. Copper is trading flat in the rest of the commodities complex, but spot WTI is up 0.38 percent. Overnight, stock markets in Asia Pacific were mixed. After the meltdown in Europe and America, the Shanghai Composite rallied 1.14 percent, although the ASX (-1.76%) and Nikkei 225 (-1.77%) both struggled. In Europe, futures markets are pointing to a bright start.

The largest mover in FX markets overnight was the USD/JPY, which jumped 1.51% after the Bank of Japan decided to keep its monetary policy unchanged. Bitcoin is currently trading at $20,807 in the crypto currency market. At its most recent meeting; the Bank of Japan announced no changes to monetary policy.

Three Arrows Capital, a crypto hedge fund, is reportedly facing $400 million in liquidations, according to reports. Granholm, the US Energy Secretary, is scheduled to meet with executives from the refining industry to discuss gas prices. Treasury Secretary Janet Yellen has stated that Congress must act on digital asset regulation. Draghi, the Italian prime minister, stated that ECB rate hikes will be more gradual than those of the FOMC.

Germany’s Finance Minister tells ECB President Lagarde that speculation of a fragmentation plan erodes trust. President Biden of the United States claims that a recession is not inescapable. According to sources, China has devised a strategy for controlling iron ore prices (including the formation of a buying cartel). May manufacture in New Zealand: 52.9 (prior 51.2).  The EU CPI, triple witching, and comments from Fed Chair Powell are among the highlights for the rest of the session.