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...
US tariffs on gold bars have caused US futures on the metal to jump higher versus the spot price set in London. The move may end up enhancing the importance of the US in the global bullion market. An unexpected levy on one-kilogram and 100-ounce gold bars coming into the US has caused upset in the precious metals market. The import tax will have the greatest impact on Switzerland, one of the top refining centers. The futures market for gold is based out of New York on the Comex exchange, and the very bars that are being tariffed are those that are suitable for Comex...
The dollar firmed slightly on Friday but was heading for a weekly fall as U.S. President Donald Trump's temporary choice for a fill-in Federal Reserve governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends. The yen was a touch weaker on the day against the dollar, which fell 0.31% to 147.560 yen. The dollar also rose 0.25% against the euro to $1.163775 and strengthened 0.29% against the Swiss franc to 0.80840 francs. As concerns over softening U.S. economic momentum, especially in the labour market, boost hopes of Fed rate cuts, the dollar was down...
Oil prices were stable on Friday but poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin. Brent crude futures were up 21 cents, or 0.32%, at 6.64 a barrel by 0901 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.28%, to $64.06. Brent was on track to be down 4.3% over the week while WTI was set to finish 4.9% lower than last Friday's close. Higher U.S. tariffs against a host of trade partners went into effect on Thursday, raising concern...
The dollar was steady on Friday but poised for a weekly fall as U.S. President Donald Trump's temporary choice for a fill-in Federal Reserve governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends. As concerns over softening U.S. economic momentum, especially in the labour market, boost hopes of Fed rate cuts, the dollar was down 0.6% on the week so far, against a basket of peers. On the day, the dollar index was little changed, at 98.1. Trump has nominated Council of Economic Advisers Chairman Stephen Miran for a newly vacant seat at the Fed,...
Gold price (XAU/USD) trims a part of modest intraday losses, though remains depressed below the $3,400 mark and over a two-week high touched earlier this Friday. Against the backdrop of the upbeat market mood, a modest US Dollar (USD) uptick prompts some profit-taking around the commodity following the recent move higher over the past week or so. However, a combination of factors helps limit the downside for the precious metal. US President Donald Trump's fresh tariff threats this week keep investors on edge and continue to act as a tailwind for the safe-haven Gold price. Furthermore, the...
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...