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...
Silver (XAG/USD) is trading higher on Friday and on track for a 3.5% weekly rally from $31.20 lows, but the precious metal is struggling to find acceptance in the upper range of the $38.00s, which might lead to some bearish correction. The Fundamental background remains favourable, with recent US data putting pressure on the US Dollar to lower interest rates, but comments from St Louis Fed President Raphael Bostic warning about the inflationary impact of Trump's tariffs have eased hopes of a September cut, providing some support to the US Dollar. Beyond that, news reports by Bloomberg...
Oil prices headed for their longest decline since 2021, as traders judged that US efforts to end the war in Ukraine would not impact overall supply, even as Washington punished India for taking Moscow's crude. Brent fell near $66 a barrel, down for the seventh straight session, while West Texas Intermediate fell below $64. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, said he is willing to meet with Vladimir Putin, even if the Russian leader has not yet agreed to sit down with Ukrainian President Volodymyr Zelenskiy. Earlier this week, Trump...
Gold prices (XAU/USD) weakened from a more than two-week high in the $3,409-$3,410 range during the Asian session as traders opted to take profits ahead of the weekend. Furthermore, positive sentiment in equity markets and a modest recovery in the US dollar (USD) exerted downward pressure on gold bullion. However, a combination of factors acted as a boost for the precious metal, warranting caution for aggressive bearish traders. Investors remain cautious amid ongoing trade-related uncertainty, particularly following US President Donald Trump's new tariff threats this week, which could...
Silver traded above $38 an ounce on Friday (August 8) and is expected to rise about 3% this week, as expectations of a US interest rate cut and uncertainty over new tariffs boost demand for the precious metal. Higher-than-expected weekly jobless claims, coupled with last week's weaker-than-expected nonfarm payrolls report, have prompted traders to price in the possibility of a Federal Reserve rate cut in September, with another move possible in December. In political developments, President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to replace...
The Australian dollar (AUD) weakened against the US dollar (USD) on Friday (August 8), after three days of gains. The AUD/USD pair weakened as traders priced in a greater than 92% probability of a 25 basis point interest rate cut by the Reserve Bank of Australia (RBA) next week, which would lower the cash rate to 3.60%. The likelihood of an RBA rate cut increased as core inflation eased to 2.7% in June, well below the RBA's 2-3% target, along with rising unemployment and slowing wage growth. Supporting this outlook, Australia's Trade Surplus widened to $5,365 million (month-on-month) in...
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...