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 (XAU/USD) struggles to capitalize on its modest Asian session gains to a three-day peak and attracts some intraday sellers near the $3,375 region. The global risk sentiment remains well supported by the optimism over an extension of the US-China trade truce for another three months and the US-Russia summit on Friday aimed at ending the war in Ukraine. This, in turn, acts as a headwind for the safe-haven precious metal. However, a combination of supporting factors favors bullish traders and backs the case for the emergence of some dip-buying. The US Dollar (USD) selling bias remains...
Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded near $66 a barrel after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Global oil inventories will accumulate at a rate faster than the average buildup during the pandemic year of 2020, the IEA's monthly report showed. Meanwhile, traders are monitoring the lead-up to Friday's summit between the US and Russian presidents, given that it may result in an easing or tightening of...
Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between U.S. President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Brent crude futures were up 28 cents, or 0.43%, at $65.91 a barrel at 0057 GMT, while U.S. West Texas Intermediate crude futures rose 23 cents, or 0.37%, to $62.89. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened...
Gold edges higher in the early Asian session amid hopes for Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal. Treasury Secretary Bessent said on Wednesday that there was a good chance the Fed could cut rates by 50 basis points next month. In a television interview, Bessent suggested borrowing costs might eventually drop by 1.5 percentage points or more. Bessent's comments increased speculation that the Fed will cut rates in September, with money market fully pricing in a 25bps rate cut, ANZ Research analysts say in a research report. This boosted...
GBP/USD gained even more ground on Wednesday, climbing nearly six-tenths of one percent as US Dollar (USD) flows continues to wither. The Pound Sterling (GBP) is enjoying a much-needed bullish shift in fundamentals as United Kingdom (UK) economic data outpaces new soft spots appearing in key economic figures from the United States (US). GBP/USD is extending one-sided bullish momentum north of the 50-day Exponential Moving Average (EMA), climbing into 1.3600 after closing flat or higher for all but one of the last nine trading sessions. Cable has risen over 3.35% bottom-to-top after finding...
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...