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 US dollar index slipped toward 97 on Thursday, nearing a three-week low, as progress in trade talks with major partners lifted rival currencies. Reports indicated that the US and EU are moving closer to a deal, with discussions centered around a 15% baseline tariff on EU goods and possible exemptions. Earlier this week, Japan agreed to a similar 15% tariff on its exports to the US, a reduction from the 25% previously threatened by President Donald Trump. Additionally, Treasury Secretary Scott Bessent signaled that the current tariff truce with China is likely to be extended beyond its...
The Australian dollar strengthened to around $0.661 on Thursday, extending its five-session rally to hit its highest level since November last year, fueled by optimism over latest global trade developments. The US and EU are reportedly close to a trade deal that would impose 15% tariffs on most imports while waiving duties on select items, according to European Commission officials. Treasury Secretary Scott Bessent also confirmed that US and Chinese officials will meet in Stockholm next week for further talks. These developments follow a recent US–Japan tariff agreement that helped ease...
Gold edges higher in the early Asian session on possible position adjustments after front-month gold futures snapped a three-day winning streak overnight. Speculative positioning in the precious metal appears to be elevated though not extreme, while retail demand seems to be slower, two members of Sucden Financial's research team say in a commentary. As such, gold could remain in a consolidation phase until a clearer dovish signal from the Fed emerges, the members add. Spot gold is little changed at $3,390.51/oz. Source: Dow Jones Newswires
Oil steadied after a string of losses, with investors looking to US trade talk progress and low inventory levels. Brent crude traded below $69 a barrel after four sessions of declines, with West Texas Intermediate above $65. US President Donald Trump said he would set tariffs of 15% to 50% ahead of an Aug. 1 deadline for trade talks. The 15% levy rate was set for Japan on Wednesday, while the European Union is progressing toward a similar agreement. "There may be mild buoyancy in crude from a less-dismal demand-side assumption as markets express relief on...
The EUR/USD pair strengthened during the North American session, rising 0.16%, as rumors grew that the United States and the European Union (EU) would soon sign a deal similar to the one signed between Washington and Tokyo on Tuesday. At the time of writing, the pair was trading above 1.1770, after hitting a daily low of 1.1710. Trade news in the US was the main headline, keeping investors on edge as market sentiment fluctuated between risk-on and risk-off. The trade deal between Japan and the US, under which Japan would pay a 15% tariff on US imports, triggered the initial decline 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...