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 weakened against a number of major global currencies as market expectations for the Federal Reserve's (Fed) monetary policy easing increased. Market participants believe inflationary pressures in the United States are beginning to ease, opening room for the central bank to lower interest rates in the near future. These expectations of interest rate cuts are the main factor pressuring the dollar. Lower interest rates make the yields on dollar-denominated assets less attractive, prompting some investors to shift funds to other assets, including emerging market currencies and...
Oil prices were mostly flat in European trade on Tuesday, cooling after sharp gains in the prior session as heightened tensions between the U.S. and Venezuela and attacks on Russian oil infrastructure pointed to disruptions in global supplies. Trading volumes were thin ahead of the year-end holidays, while oil prices were still nursing deep losses this year on concerns over slowing demand and a looming supply glut. Brent oil futures for February rose 0.1% to $62.12 a barrel, while West Texas Intermediate crude futures were unchanged at $58.01 a barrel US-Venezuela tensions in focus; Trump...
Gold prices hit a record high in early Asian trade on Tuesday, extending recent gains as safe-haven demand was buoyed by heightened geopolitical tensions between the U.S. and Venezuela. Thin trading volumes, on account of the year-end holidays, magnified moves across gold and other precious metals. Gold and silver prices hit record highs on Monday, while platinum and palladium hit multi-year peaks. Spot gold last traded 1% higher at $4,484.02 an ounce by 22:50 ET (03:50 GMT), after touching a record high of $4,497.82/oz earlier in the day. Gold futures for February jumped 1.3% to a peak...
Silver prices surged to an all-time high on Tuesday, hitting $69.5 per ounce, breaking the previous record. This rise was driven by escalating geopolitical tensions, with the US continuing to tighten its blockade of Venezuelan tankers and PDVSA facing difficulties following a recent cyberattack. This heightened global uncertainty strengthens silver's position as a safe-haven asset. Market sentiment toward silver has become increasingly positive, particularly due to tensions in Venezuela. The US crackdown on Venezuela's oil sector has increased the risk of supply disruptions and worsened the...
The US dollar weakened again on Tuesday, extending its decline for two consecutive days. Improving risk sentiment ahead of the year-end period was the main factor driving the dollar's weakness. The Bloomberg Dollar Spot Index fell 0.1%, after plunging 0.4% on Monday. Investors began to show optimism ahead of the year-end holidays, which impacted major currency movements. The yen strengthened significantly, breaking through 157 against the dollar, supporting the previously depressed Japanese currency. USD/JPY fell 0.3% to 156.58 after Japanese Finance Minister Satsuki Katayama stated that...
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...