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 EUR/USD edges lower on Monday, down 0.26% as the Greenback is bought by traders ahead of another inflation report in the United States (US) coming Tuesday. This, along with Italy's revelation that prices reached the European Central Bank's (ECB) target, justifies the need to hold rates even at the next meeting. The pair trades at 1.1615 after hitting a daily high of 1.1675. The shared currency halted its advance, even though talks between US President Donald Trump and Russian President Vladimir Putin are expected to show progress on a possible ceasefire in Ukraine. A favorable...
Gold price dives during the North American session as traders waited for the White House resolution on duties over physical Bullion bars, which triggered a downturn last Friday in the futures market. Traders awaiting the release of inflation data in the United States (US) pushed spot prices down. At the time of writing, XAU/USD trades at around $3,360, down over 1.20%. Demand for Gold took a hit due to speculation that the meeting between US President Donald Trump and his Russian counterpart, Vladimir Putin, on Friday could unveil a truce plan in Ukraine. The recovery of the US Dollar amid...
The U.S. dollar firmed across the board on Monday, a day before the release of a U.S. inflation report that could help determine whether the Federal Reserve lowers borrowing costs next month. The dollar index was up 0.3% at 98.52 after last week's 0.4% fall. Against the yen, the U.S. currency traded at 148.085, up 0.2%. Japanese markets were closed on Monday for the Mountain Day holiday. The euro was down 0.3% at $1.16123, while sterling was down 0.2% at $1.34335. "The buck is trading a little firmer against all peers, though the moves are overall modest in nature," said Michael Brown,...
Oil prices were steady on Monday after falling more than 4% last week, as investors looked towards talks this week between the U.S. and Russia over the war in Ukraine. Brent crude futures gained 12 cents, or 0.18%, to $66.71 barrel by 1:01 p.m. EDT (1701 GMT). U.S. West Texas Intermediate crude futures gained 19 cents, or 0.3%, to $64.07. U.S. President Donald Trump said on Friday he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased U.S. pressure on Russia, raising the prospect of tighter penalties on...
Gold (XAU/USD) kicks off the week on the back foot, trading with a negative tone on Monday as diminished safe-haven demand and improved risk appetite weigh on the precious metal. Hopes for progress in diplomatic efforts to ease Russia-Ukraine tensions, alongside firmer equity markets, have curbed demand for bullion, with investors shifting toward riskier assets. At the time of writing, the metal is trading around $3,345 during the American trading session, down nearly 1.50% on the day, after last week's buyers repeatedly failed to clear the $3,400 psychological hurdle. There's a cautious...
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...