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 USD/JPY pair weakened to around 155.10 at the start of the Asian session on Tuesday. The yen strengthened slowly as markets became increasingly confident that the Bank of Japan (BoJ) would raise interest rates at its policy meeting on Friday, increasing pressure on the dollar. Market bets on a BoJ interest rate hike are growing. Reuters reports that the BoJ is likely to remain committed to continuing to raise interest rates, but the pace will depend on the Japanese economy's response. In a Reuters survey (December 2–9), 90% of economists predicted the BoJ would raise the short-term...
Oil prices remain near their lowest levels since 2021, as traders assess the impact of a potential ceasefire in Ukraine. If the war subsides, the path could open to easing restrictions on Russian oil imports—even though the global market is already oversupplied. West Texas Intermediate (WTI) is trading around $57 per barrel after closing at a more than four-year low on Monday. Brent crude also weakened, closing below $61. US President Donald Trump said a deal to end the Russia-Ukraine war is "closer than ever" after talks with Ukrainian President Volodymyr Zelenskiy and European...
Gold prices tended to be stable at the start of the Asian session, as market participants held their breath awaiting the November US employment report (Nonfarm Payrolls), which will be released today. For now, the spot gold price is barely changing at around $4,306.60 per ounce. According to Fawad Razaqzada, a market analyst at FOREX.com, the market is currently expecting only around 50,000 new jobs. At the same time, the unemployment rate is predicted to rise to 4.5%, which could signal a slowing US economy. If the results are weaker than expected (a downside surprise), the market could...
Brent crude oil futures hovered around $61.1 per barrel on Monday, near the lowest level in almost two months amid persistent concerns about oversupply, while investors monitor developments surrounding a new round of Ukraine peace negotiations. President Volodymyr Zelensky met with US President Donald Trump's top envoys on Sunday for two days of talks aimed at ending the war with Russia. Despite the diplomatic efforts, fighting continues, with Ukrainian drone strikes targeting oil depots and refineries across several Russian regions, keeping Russian supply at risk. Supporting prices, the...
Gold did rise on Monday, driven by a weaker US dollar and falling US bond yields, plus demand for safe haven assets ahead of a key data week. But entering the US session, gold began to lose momentum and retreat from its intraday peak, as evidenced by XAU/USD falling back below $4,350 after briefly testing that level (although still holding above $4,300). The main reasons are usually simple: profit-taking (the price has risen sharply, near resistance), plus the market starting to "tidy up" as all eyes await US jobs (NFP) and inflation data, which will signal the direction of interest...
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...