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 (XAG/USD) kicks off the week on a strong footing, with spot prices extending their rally for a fifth consecutive session, breaking above the $40.00 mark to hit fresh 14-year highs — levels last seen in September 2011. At the time of writing, the metal is consolidating around $40.70, as thin trading conditions prevail due to the US Labor Day holiday. The sustained rally in Silver comes on the back of broad US Dollar (USD) weakness and firm expectations of a Federal Reserve (Fed) interest rate cut in September, which continues to support demand for non-yielding assets. Market sentiment...
Gold (XAU/USD) started the week on a stronger note, extending its five-day rally to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar and strong expectations for a Federal Reserve (Fed) interest rate cut in September continued to support gold's momentum. At the time of writing, XAU/USD was consolidating around $3,477 in the American session, after hitting an intraday high of $3,490 during Asian hours—just shy of its all-time peak of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading...
Gold (XAU/USD) started the week on a positive note, extending its rally for the fifth consecutive day to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar (USD) and strong expectations for a Fed rate cut in September continued to bolster bullion's momentum. At the time of writing, XAU/USD was trading around $3,470 in the European session, down from an intraday high of $3,489 recorded during the Asian session and approaching an all-time high of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading...
Oil prices rose more than 1% on Monday amid concerns over supply disruptions due to escalating Russian-Ukrainian airstrikes and a weakening dollar. Brent crude rose 83 cents, or 1.2%, to $68.31 a barrel at 12:15 GMT. U.S. West Texas Intermediate crude also rose 83 cents, or 1.3%, to $64.84. Trading is expected to be light due to a U.S. public holiday. Brent and WTI crude recorded their first monthly declines in four months in August, falling 6% or more due to increased supply from the OPEC+ producer group. "Crude oil fell in August and started September without a clear direction within...
EUR/USD traded higher near a one-week high around 1.1730 during the European trading session on Monday. The major currency pair strengthened as the US Dollar (USD) underperformed its peers amid strong expectations that the Federal Reserve (Fed) will continue its monetary easing cycle at its September policy meeting. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against six major currencies, was trading near its August low around 97.55. According to the CME FedWatch tool, there is an 87.6% chance that the Fed will cut interest rates by 25 basis points (bps)...
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...