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...
Oil prices edged higher on Tuesday (July 29th) amid optimism that the trade war between the United States and its major trading partners is easing and as President Donald Trump increases pressure on Russia over its war in Ukraine. Brent crude futures rose 47 cents, or 0.7%, to $70.51 a barrel at 09:24 GMT, after touching their highest level since July 18th, while U.S. West Texas Intermediate crude was at $67.24, up 53 cents, or 0.8%. Both contracts closed more than 2% higher in the previous session. The trade agreement between the United States and the European Union, despite imposing 15%...
Gold prices rose on Tuesday (July 29th) as initial euphoria over the US-EU trade truce subsided, while investors awaited the upcoming Federal Reserve policy meeting for clarity on the direction of US interest rates. Spot gold prices rose 0.4% to $3,327.30 per ounce, as of 08:27 GMT. Bullion hit its lowest level since July 9th on Monday. US gold futures rose 0.5% to $3,325.40. "We see market sentiment starting to improve after some trade deals, but there are still some hurdles to overcome," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. "If the US and China fail to...
USD/CHF continued its strengthening for the second consecutive session, trading around 0.8060 during the European session on Tuesday (July 29). The currency pair strengthened as the US dollar (USD) was supported by trade optimism, driven by recent trade developments between the United States (US) and its trading partners. The United States and the European Union (EU) reached a finalized trade deal on Sunday, setting a 15% tariff on most European goods, which will take effect on August 1. Furthermore, market sentiment improved due to expectations that the US and China would extend the...
The Pound Sterling (GBP) holds onto losses near its two-month low around 1.3350 against the US Dollar (USD) during the European session on Tuesday. The GBP/USD pair faces selling pressure as the US Dollar trades firmly after officials from the United States (US) and the European Union (EU) approved a trade agreement ahead of the August 1 tariff deadline over the weekend. At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades close to a weekly high near 98.70. The appeal of the US Dollar has strengthened as the US-EU trade...
Silver prices remained under pressure on Tuesday, holding below $38.20 per ounce and hovering near two-week lows as a strong US dollar continued to weigh on the market. The dollar's strength was supported by recent global trade agreements that are widely seen as favoring the US economy. On Monday, President Donald Trump warned that countries failing to negotiate separate trade deals could soon face tariffs of 15% to 20%, well above the 10% headline rate introduced in April. Meanwhile, investors remained focused on the ongoing US-China trade talks in Stockholm, with both sides aiming to...
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...