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 US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, corrects to 98.30 during the Asian trading session on Tuesday, following a decent recovery move the previous day. The US Dollar (USD) faces selling pressure as the independence of the Federal Reserve (Fed), which is an autonomous body and its decisions are not impacted by political influence, has been dampened after the removal of Federal Reserve (Fed) Governor Lisa Cook by United States (US) President Donald Trump over mortgage allegations. Last week, US President Trump called Fed Governor Cook to...
The Australian dollar held its decline around $0.648 on Tuesday, as investors weighed the latest minutes from the Reserve Bank of Australia. The central bank signaled that additional interest rate cuts are likely over the coming year, with the pace of easing dependent on incoming economic data. At its August 2025 meeting, the RBA Board lowered the cash rate by 25 bps to 3.6%, citing continued progress in bringing inflation closer to the midpoint of its 2–3% target range. While a gradual pace of easing may be appropriate due to a still-tight labor market, strengthening private demand, and...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.60 during the early Asian trading hours on Tuesday. The WTI extends the rally due to a pause in negotiations for a peace deal between Russia and Ukraine. Traders await the American Petroleum Institute (API) weekly crude oil stock data, which is due later on Tuesday. The latest drone strikes by Ukraine on Russian energy facilities have heightened concerns about oil supply disruptions, boosting the WTI price. Russian officials said that Ukraine carried out a drone attack on Russia on Sunday, causing a significant...
Gold falls in early Asian trade on possible profit-taking. The precious metal's decline is just a corrective move related to profit-taking rather than a structural shift in gold's broader trend, XS.com's Rania Gule says in an email. "The fundamental backdrop supporting the precious metal remains intact, both from the perspective of U.S. monetary policy and ongoing global geopolitical risks," the senior market analyst adds. Spot gold is 0.4% lower at $3,353.14/oz. Source: Bloomberg
Gold price holds firm at around $3,370 on Monday as the Greenback recovers some ground following Federal Reserve (Fed) Chair Jerome Powell's dovish tilt last Friday. A scarce economic docket on Monday, except for New Home Sales, keeps traders focused on labor market data and the Fed's preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. The non-yielding metal lacks direction, with traders seeming to be booking profits following Powell's stance. Alongside the data mentioned above, Gross Domestic Product (GDP) figures will also be crucial in suggesting if...
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...