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 Pound Sterling (GBP) holds onto Friday's gains around 1.3300 against the US Dollar (USD) during the European trading session on Monday. The GBP/USD pair shows strength as the US Dollar (USD) licks its wounds following the sharp decline registered on Friday after the release of the United States (US) Nonfarm Payrolls (NFP) data for July. At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades close to Friday's low of around 98.60. The US NFP report showed that labor market conditions have cooled down significantly....
Gold price (XAU/USD) pulls back from the $3,369 region, or over a one-week top touched during the Asian session on Monday, and for now, seems to have stalled last week's goodish recovery move from a one-month low. The US Dollar (USD) attracts some buyers at the start of a new week and reverses a part of Friday's weaker US jobs data-inspired slump amid a modest rebound in the US Treasury bond yields. This, in turn, is seen as a key factor acting as a headwind for the precious metal. Any meaningful USD positive move, however, seems elusive in the wake of the growing acceptance that the...
Oil prices fell on Monday (August 4th) after OPEC+ agreed to a major production increase in September, which will boost supply. However, concerns about disruptions to Russian oil shipments to top importer India limited losses. Brent crude futures fell 18 cents, or 0.26%, to $69.49 a barrel at 04:56 GMT, while U.S. West Texas Intermediate crude was at $67.21 a barrel, down 12 cents, or 0.18%, after both contracts closed about $2 a barrel lower on Friday. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Sunday to increase oil production...
Gold prices weakened slightly on Monday (August 4th) as investors took profits after a sharp rise in the previous session on weaker-than-expected US employment data, which raised expectations of a US Federal Reserve interest rate cut in September. Spot gold prices fell 0.1% to $3,360.62 per ounce, as of 04:32 GMT. Bullion prices rose more than 2% on Friday. However, US gold futures rose 0.4% to $3,412.80. "Gold started the week conservatively after Friday's price surge. A combination of profit-taking and a stabilizing dollar has led to a slight weakening of gold at the start of the week,"...
The US Dollar Index (DXY), which measures the value of the US dollar (USD) against six major currencies, held its position after recording a decline of around 1.5% in the previous session. The DXY traded around 98.70 during the Asian session on Monday (August 4). The US dollar weakened after a worse-than-expected US employment report released on Friday, which triggered a market reaction to two interest rate cuts by the Federal Reserve (Fed). Traders now expect a 63 basis point (bps) cut by the end of the year, up from around 34 bps on Thursday, with the first cut expected in September. US...
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...