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 treading water on Wednesday after a sharp two-day run to mark fresh multi-year highs. The metal consolidating just below the key $39.50 mark during the American trading hours. While bullish momentum remains intact, the pause comes as the US Dollar (USD) stabilizes on the back of a trade agreement between the United States and Japan, which has injected a dose of cautious optimism into broader markets and tilted sentiment toward risk-on. Despite the intraday slowdown, Silver still trades near 14-year highs, at levels last seen in September 2011, underlining the strength of...
Gold (XAU/USD is undergoing a modest pullback on Wednesday, as markets assess the implications of a United States (US)–Japan trade agreement and remain cautious ahead of further developments in the European Union (EU)–US negotiations. Despite the correction, XAU/USD is holding above the $3,400 mark, supported by lingering tariff risks and broader policy uncertainty. Attention now turns to incoming US economic data for near-term direction. The June Existing Home Sales report, on Wednesday, will provide insight into consumer resilience and housing market trends amid elevated interest...
The U.S. dollar steadied Wednesday after a three-day decline, but the safe haven is still near its lowest level in two weeks with risk sentiment enhanced by the U.S.-Japan trade deal. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 97.110, just above its weakest level since July 10. The index has lost well over 6% since the start of the global trade uncertainty prompted by U.S. President Donald Trump's "Liberation Day" tariff announcement on April 2. Dollar near recent lows Trump's announcement of...
Gold price (XAU/USD) trades firmly above $3,400 during the European trading session on Wednesday, the highest level seen in over five weeks. The precious metal strengthens as global trade tensions continue to persist even as the United States (US) has confirmed a trade agreement with Japan. On Tuesday, US President Donald Trump announced through a post on Truth.Social that Washington has reached a deal with Tokyo in which the baseline tariff on imports from Japan will be 15%, lower than 25% imposed at the start of this month. Escalating trade worries between the US and the European Union...
The Pound Sterling (GBP) gains against its peers, except antipodeans, on Wednesday. The British currency attracts bids even as United Kingdom (UK) fiscal risks have resurfaced, following the government borrowings report from the Office for National Statistics (ONS) on Tuesday. The report showed that the administration raised the second-highest amount of funds since 1993 in order to mitigate the increase in debt costs, which accelerated due to higher inflation. Mounting UK borrowings pave the way for tax increases by the administration in its upcoming Autumn Statement. Meanwhile, investors...
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...