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 prices weakened slightly on Wednesday (August 6th) as the dollar strengthened slightly, while investors refrained from placing large bets ahead of US President Donald Trump's decision on Fed official appointments. Spot gold fell 0.1% to $3,376.01 an ounce, as of 03:12 GMT, after hitting a near two-week high on Tuesday. US gold futures fell 0.1% to $3,431.10. The dollar rebounded from a one-week low reached in the previous session, reducing gold's appeal for holders of other currencies. "We see that gold prices are consolidating and are actually biased slightly upward," said Brian Lan,...
Silver (XAG/USD) prices remained stable after posting gains in three consecutive sessions, trading around $37.80 per troy ounce during the Asian session on Wednesday (August 6th). Technical analysis of the daily chart shows the precious metal moving upward within an ascending channel pattern, indicating a persistent bullish bias. The 14-day Relative Strength Index (RSI) is above 50, reinforcing the bullish bias. However, silver is trading below the nine-day Exponential Moving Average (EMA), indicating weakening short-term price momentum. On the upside, the XAG/USD pair is likely to explore...
The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, traded slightly higher near 98.80 during Asian trading hours on Wednesday (August 6th). Traders are preparing for speeches from Federal Reserve (Fed) policymakers, including Susan Collins, Lisa Cook, and Mary Daly, later this month. The DXY remained strong as traders continue to assess global trade developments, which could trigger renewed market volatility. US President Donald Trump's latest trade deadline also falls on Friday, when a new round of high tariffs will take...
The Japanese Yen (JPY) oscillated within a range against the US currency during the Asian session on Wednesday (August 6th), moving little following the release of less-than-impressive macro data. Japan's inflation-adjusted real wages fell for the sixth consecutive month in June, fueling concerns about a consumption-driven recovery. This occurred amid domestic political uncertainty and dampened speculation of an imminent interest rate hike by the Bank of Japan (BoJ). Furthermore, signs of stability in the equity market have hampered the JPY's safe-haven stance. Meanwhile, the BoJ revised...
Gold held its longest streak of gains since February, boosted by fears of a US economic slowdown that have increased haven demand, along with traders' bets on lower interest rates. Bullion was steady at around $3,383 an ounce in early Asian trading, after gaining more than 3% over the previous four trading sessions. In the US, the latest sign of tariff-inflicted damage on the economy came from data that showed the services sector effectively stagnated in July. Other figures last week highlighted a weak labor market and consumer spending. Signs of...
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...