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 held steady after weak US employment data failed to alter market expectations for an interest rate cut. The precious metal had fallen moderately in the previous session, halting its five-day uptrend. Gold bullion was trading around US$4,305 per ounce. The latest data showed the US labor market continuing to cool. However, market participants believe the Federal Reserve is not paying much attention to the data due to disruptions caused by the government shutdown. Last week, the US central bank cut interest rates for the third consecutive time. This supported gold prices because...
Gold prices briefly strengthened after the release of US economic data, which sparked an initial market reaction. The data fueled speculation that economic pressures persisted, prompting investors to temporarily turn to gold as a safe haven. This increase was short-lived, especially in early trading after the data was released. However, entering the US session, gold prices came under pressure again. The strengthening US dollar and rising bond yields diminished gold's appeal. Furthermore, profit-taking following the initial surge also weighed on prices, causing gold to reverse its decline...
Oil prices fell below $60 a barrel on Tuesday, the lowest since May, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations sanctions could be eased. Brent crude futures fell $1.03, or around 1.7%, to $59.53 a barrel at 1340 GMT, while U.S. West Texas Intermediate crude was trading at $55.76, down $1.06, or 1.9%. "Brent has dropped this morning to below $60 per barrel for the first time in months, as the market assesses a potential peace deal resulting in additional Russian volumes becoming available and oversupplying the market further," said Rystad...
Gold prices rose again following the release of US Nonfarm Payrolls (NFP) data today, after initially being under pressure at the start of trading. This movement occurred because the market assessed the labor data as signaling a slowing economy, potentially reinforcing expectations of a Fed interest rate cut. In the latest report, the US recorded an increase of 64,000 jobs in November after a decrease of 105,000 in October, while the unemployment rate rose to 4.6% (the highest since 2021). This combination of "job growth is there, but unemployment is rising" led the market to perceive labor...
Gold prices fell on Tuesday (December 16th), as investors became more cautious ahead of crucial US jobs and inflation data, which could provide clues to Federal Reserve policy heading into the new year. Spot gold prices fell 0.3% to $4,290.33 an ounce, as of 06:37 GMT. Bullion has gained 64% since the start of the year, breaking several records along the way. US gold futures fell 0.4% to $4,316.40. "We're right near the previous high around $4,380 from mid-October. So the market is essentially asking whether there's enough conviction to break higher, or whether this is the level where...
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...