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 (USD) continues to face selling pressure, with the US Dollar Index (DXY) dropping as low as 96.38, its weakest level since February 2022, during early trading on Tuesday (01/07). However, the greenback rallied during the American session, with the DXY last seen trading around 96.85, supported by better-than-expected US economic data. A stronger ISM Manufacturing PMI and a strong JOLTS jobs report helped ease some of the bearish momentum, although the overall sentiment remains cautious amid ongoing concerns over US fiscal stability, tariff uncertainty, and increasing political...
The EUR/USD pair keeps marching higher for the tenth consecutive day. The pair is trading with minor gains around the 1.1800 level at the moment of writing on Tuesday, ahead of the Fed Chairman's speech on the central bankers' meeting in Sintra, Portugal and US Manufacturing and Job Openings figures. The common currency appreciated earlier today, fuelled by an unexpected improvement in the Eurozone preliminary HCOB Manufacturing PMI and better-than-expected German Unemployment figures, while June's Consumer Prices Index (CPI) remained fairly steady. The Greenback remains on the defensive,...
The Pound is accelerating its uptrend on Tuesday, unaffected by rather downbeat UK manufacturing PMI data. US Dollar weakness is driving markets today with tariff uncertainty, renewed concerns about the US fiscal health, and rising bets on Fed cuts crushing demand for the US Dollar. UK manufacturing activity has remained steady at 47.7 in June, but new orders, employmen,t and output declined from the previous month and pointing to further contraction in the coming months. US debt, hopes of Fed cuts are hammering the USDThese figures, however, have failed to curb Sterling's rally. The...
Oil prices were steady on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 5 cents to $66.79 a barrel at 0901 GMT, while U.S. West Texas Intermediate crude was up 4 cents to $65.15 a barrel. The market's main focus is the 411,000-barrel-per-day production hike that OPEC+ is expected to announce for August in a meeting on July 6, said Saxo Bank analyst Ole Hansen, adding that this was partially offset by potential trade deals improving the demand outlook. "The market is now...
The US Dollar Index (DXY) fell sharply below the 96.00 level on Tuesday, recording a decline for seven consecutive days and hitting its lowest level in 3.5 years. This weakening occurred after Eurozone economic data showed positive results, especially from the manufacturing sector and inflation, which immediately boosted the Euro against the Dollar. The US Dollar is currently burdened by a combination of factors: fiscal uncertainty due to Trump's controversial Tax Bill, new trade tensions with Japan, and expectations that the Fed will soon cut interest rates. Market concerns increased after...
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...