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...
Gold is steady in the early Asian trade. Market participants could remain cautious ahead of Fed Chair Powell's Jackson Hole address on Friday, says Fadi Al Kurdi, founder and CEO of FFA Kings in a commentary. "The uncertainty over whether he will signal a stronger commitment to supporting employment or reaffirm the fight against inflation could affect the market's direction," he adds. A more dovish stance could boost gold prices. Spot gold is flat at $3,338.31/oz. Source: Marketwatch
Oil was steady as the market weighed the outlook for Russian crude flows to India after a Trump administration official ramped up his criticism over the trade ahead of an expected tariff increase. West Texas Intermediate was near $63 a barrel, heading for a modest weekly gain. Brent closed below $68. White House Trade Adviser Peter Navarro said India "doesn't appear to want to recognize its role in the bloodshed," adding that he sees US import levies on the nation doubling as scheduled on Aug. 27. President Donald Trump has threatened to raise the duties on Indian imports to the...
EUR/USD retreats some 0.40% during the North American session as the Greenback posts solid gains following the release of economic data from the United States (US). Strong figures regarding business activity outweighed a soft jobs report, pushing traders to trim bets for a Federal Reserve rate cut at the September meeting. The pair trades at 1.1604 after reaching a daily high of 1.1662. Market sentiment shifted sour as investors await Fed Chair Jerome Powell's speech. S&P Global revealed August's Purchasing Managers Index (PMI) surveys that showed that business activity in the...
Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation. Brent crude futures rose 83 cents, or 1.2%, to settle at $67.67 a barrel, a two-week high. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.3%, to close at $63.52 a barrel. Both contracts climbed more than 1% in the prior session. The path to peace in Ukraine remained uncertain, turning oil traders cautious after a selloff over the past two weeks on hopes that...
Gold price retreats on Thursday following the release of mixed data from the United States (US) and as traders brace for the Jackson Hole Symposium, waiting for the Federal Reserve's (Fed) Chair Jerome Powell speech on Friday. The XAU/USD trades at $3,339, down 0.30%. The yellow metal choppy's price action seems to continue until Powell hits the stand. Solid economic data revealed by S&P Global showed that business activity is expanding solidly. The agency noted, "The data are consistent with the economy expanding at a 2.5% annualized rate, up from the average 1.3% expansion seen over...
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...