Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Silver futures prices have risen again above $41 per ounce, their highest level since August 2011, as signs of a easing US labor market strengthen expectations of a Fed interest rate cut this year. The US economy added fewer jobs than expected in August, while the unemployment rate rose to its highest level since 2021, extending a string of weak data including ADP private payrolls, JOLTS job openings, and weekly jobless claims. Traders are now looking ahead to this week's US inflation report, with the market fully anticipating a 25 basis point interest rate cut later this month and some...
The US dollar traded lower against the Swiss franc for the second consecutive day on Monday (September 8). A weak payrolls report released on Friday continued to weigh on the US dollar, as investors increased their bets on a Federal Reserve interest rate cut in the coming months. US non-farm payrolls data confirmed a sharp slowdown in job creation in August, with only 22,000 new jobs added, below market expectations of 75,000. Furthermore, June's data was released at -13,000, marking the first net decline in employment since the peak of the pandemic in 2020. These figures virtually confirm...
Oil prices rose more than $1 on Monday (September 8), recovering some of last week's losses, after an OPEC+ production increase appeared to moderate and amid concerns over possible further sanctions on Russian crude. OPEC+ signaled plans to increase production further starting in October, but the amount was lower than some analysts had anticipated. Reuters reported earlier this month that members were considering another increase. "The market has reacted too quickly to this OPEC+ production increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we are seeing a classic...
Gold prices rose to a record high on Monday (September 8th), breaking through the key $3,600 level after weak US employment data reinforced expectations of an interest rate cut by the US Federal Reserve at its meeting next week. Spot gold prices rose 0.7% to $3,612.20 per ounce, as of 08:41 GMT. Bullion prices rose to a record high of $3,616.64 earlier in the session. Bullion prices have surged 37% so far this year, extending their 27% rise in 2024, driven by a weaker dollar, strong central bank buying, a weak monetary policy environment, and geopolitical and economic uncertainty. US gold...
The EUR/USD pair strengthened, trading near 1.1715 at the open of the European session on Monday (September 8th). The common currency received support from a weakening US dollar following Friday's poor US Nonfarm Payrolls (NFP) report, although the likely collapse of the French government kept the eurozone optimistic. The NFP confirmed a deteriorating US labor market, with the weakest growth since 2021 and a higher unemployment rate. The data virtually confirmed market expectations for an interest rate cut at next week's Federal Reserve (Fed) meeting and re-raised the possibility of a 50...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...