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...
The dollar index hovered around 97.8 on Monday, near one-month lows, as traders awaited a series of labor market releases this week that could shape the Federal Reserve's next policy decision. Key reports include Friday's August jobs data, alongside figures on unemployment, job openings, and private payrolls. Investors also weighed Friday's PCE price index, which confirmed continued price increases and added uncertainty to the outlook for rate cuts. Still, markets are pricing in about an 88% probability that the Fed will lower rates by 25 basis points later this month. On the trade front,...
The USD/JPY pair gains ground to around 147.20 during the early Asian session on Monday. The Japanese Yen (JPY) softens against the US Dollar (USD) as cooling inflationary pressures in Japan undermine bets of one more interest rate hike by the Bank of Japan (BoJ) this year. Traders await the US ISM Manufacturing Purchasing Managers Index (PMI) report later on Tuesday ahead of highly anticipated US Nonfarm Payrolls (NFP) data. Inflation in Japan, as measured by the Tokyo Consumer Price Index (CPI), grew at a moderate pace in August. The headline CPI rose 2.5% YoY in August against a...
Gold is steady in early Asian trade. Prices are likely to consolidate in the short term before another rally toward $3,600/oz by year-end, ANZ Research commodity strategists write in a note. The precious metal's recent rally, which has been mainly supported by trade uncertainty, is losing steam as U.S.-China trade negotiations are underway. A strong catalyst would be needed to push gold's prices beyond their record high, they say. "We believe macroeconomic data are likely to take over as the primary catalyst," they add. Spot gold is flat at $3,446.70/oz. Source: Bloomberg
Brent crude futures dropped 0.7% to settle at $68.1 per barrel on Friday, as traders weighed weaker US demand and the possibility of a ceasefire in Ukraine. Attention is also on next week's OPEC+ meeting, with accelerated output increases from the group raising the global supply outlook. However, these supply gains have yet to fully reach the US market, where the summer driving season is ending, fueling concerns over demand. Prices had risen earlier in the week following Ukrainian attacks on Russian export terminals, but reports of potential ceasefire talks eased some of that...
Oil prices fell on Friday as traders looked toward weaker demand in the U.S., the world's largest oil market, and a boost in supply this autumn from OPEC and its allies. Brent crude futures for October delivery, which expired on Friday, settled at $68.12 a barrel, down 50 cents, or 0.73%. The more active contract for November finished down 53 cents, or 0.78%, at $67.45. West Texas Intermediate crude futures settled at $64.01, down 59 cents, or 0.91%. The market was in part shifting its focus toward next week's OPEC+ meeting, said Tamas Varga, analyst at PVM Oil Associates. Crude output...
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...