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 U.S. dollar slipped on Friday as investors remained cautious about the rate outlook ahead of import price data, after recent figures suggested inflation could accelerate in the coming months. The yen outperformed the euro and the pound after surprising strong Japanese growth data which showed export volumes held up well against new U.S. tariffs. All eyes will be on a meeting in Alaska later on Friday between U.S. President Donald Trump and his Russian counterpart Vladimir Putin, though hopes of sealing a ceasefire agreement on Ukraine remain uncertain. U.S. import price figures will...
Oil prices fell on Friday as concerning economic data from the U.S. and China, the world's two largest oil users, increased worries about fuel demand while investors also await the summit between U.S. President Donald Trump and Russian leader Vladimir Putin. Brent crude futures fell 39 cents, or 0.58%, to $66.45 a barrel by 0750 GMT. U.S. West Texas Intermediate crude futures declined 42 cents, or 0.66%, to $63.54. For the week, WTI is set to drop 0.5% while Brent is set to decline 0.2%. Chinese government data released on Friday showed factory output growth slumped to an eight-month low...
Gold prices gained on Friday, helped by a pullback in the dollar, although bullion was headed for a weekly fall as hotter-than-expected U.S. inflation data dented expectations for a super-sized 50-basis-point (bps) Federal Reserve rate cut. Spot gold rose 0.2% to $3,341.90 per ounce as of 0653 GMT. Bullion has lost 1.5% for the week. U.S. gold futures for December delivery gained 0.1% to $3,387.60. "Gold is still grappling with the aftermath of the PPI jump, which raised questions over just how far the Fed may be inclined to reduce rates this year," said Tim Waterer, chief market analyst...
Gold prices are expected to decline for the week on Friday (August 15th), as higher-than-expected US inflation data dampened expectations for a 50 basis point (bps) Fed rate cut in September. Spot gold prices rose 0.1% to $3,339 per ounce at 02:44 GMT. Bullion prices have fallen 1.8% over the week. US gold futures for December delivery were flat at $3,384. "Gold is still grappling with the impact of the surge in PPI, which raises questions about how much the Fed is willing to cut rates this year," said Tim Waterer, chief market analyst at KCM Trade. The US producer price index (PPI) rose...
The Australian Dollar (AUD) remained weak against the US Dollar (USD) on Friday (August 15th), following disappointing key economic data from China, Australia's main trading partner. AUD/USD weakened more than 0.5% in the previous session as the US Dollar strengthened following stronger US economic data. China's Retail Sales rose 3.7% year-on-year (yoy) in July, lower than the 4.6% forecast and 4.8% in June. Meanwhile, Industrial Production increased 5.7% YoY, compared to the 5.9% and 6.8% forecasts. The weakness of the AUD/USD pair is likely limited as the US Dollar weakened amid growing...
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...