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 pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months. Brent crude futures fell as low as $67.22 a barrel and by 0815 GMT were down 22 cents, or 0.3%, to $68.08. U.S. West Texas...
The EUR/USD pair is accelerating its reversal on Monday, as the US Dollar appreciates, in tandem with US Treasury yields. Growing uncertainty about the outlook of global trade, as the initial July 9 deadline approaches, has restored the traditional safe-asset status to the US Dollar, at least for now. The Euro (EUR) has returned to the lower range of the 1.1700s, at the early European trading session, and is moving right below 1.1720 at the time of writing. Correlation studies suggest a deeper Euro correction if the USD Index recovery extends below the key 97.00 level. Eurozone's upbeat...
Risk aversion is driving markets on Monday, as markets brace for the reintroduction of April's "Liberation Day" tariffs and the Aussie Dollar dives on a mix of fears of higher levies on exports to the US and a generalised disruption of global trade. Australia's economy is strongly dependent on international trade, and the uncertainty about the global trade outlook is hurting confidence in its currency. The AUD/USD accelerated its decline today and is losing about 0.9% in its third consecutive bearish day. Risk-sensitive currencies suffer with US tariffs loomingInvestors are rushing for...
The Pound Sterling (GBP) drops to near 1.3600 against the US Dollar (USD) during European trading hours on Monday. The GBP/USD pair declines as the US Dollar trades calmly, with investors awaiting trade-related headlines in the countdown to the United States (US) tariff deadline on July 9. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades 0.35% higher at near 97.35. US Treasury Secretary Scott Bessent expressed confidence in an interview with CNN over the weekend that Washington will announce several deals in a couple of days, New York Times...
The US Dollar is one of the best performers among major currencies on Monday. Investors' risk-averse sentiment amid growing concerns about global trade, as the US is likely to announce tariffs on imports today, The US Dollar Index (DXY), which measures the value of the Greenback against a basket of the most traded currencies, has climbed to the upper range of the 96.00s, putting some distance from last week's long-term lows, right below 96.00 and approaching a key resistance level, at 97.00. US tariffs have boosted risk aversionTrump said on the Weekend that he will send letters on Monday...
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...