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 fell on Friday and headed for a second weekly loss, as a slight rise in the dollar and an Israel-Iran truce weighed on prices, with markets eyeing U.S. inflation data for clues on the Federal Reserve's interest rate trajectory. Spot gold fell 1% to $3,292.19 an ounce by 0402 GMT. Bullion has fallen 2.2% so far this week. U.S. gold futures fell 1.3% to $3,305.20. The dollar (.DXY), opens a new tab, rose 0.2% against its rivals, making dollar-priced bullion more expensive for overseas buyers. The decline this week was driven by the Israel-Iran peace deal, said Brian Lan, managing...
The US Dollar Index (DXY), a measure of the US Dollar (USD) against a basket of six major currencies, held steady near 97.25, its lowest level in three-and-a-half years during the Asian session on Wednesday (6/27). US President Donald Trump is considering picking the next Federal Reserve (Fed) Chair early, fueling fresh bets on a US interest rate cut. Trump said he has a shortlist of potential Powell successors down to "three or four people," without naming the finalists. Concerns over the Fed's future independence could weaken the US Dollar (USD) against its rivals. "For now, expectations...
The Japanese Yen (JPY) weakened across the board during the Asian session on Friday (6/27) in reaction to data showing that consumer inflation in Tokyo slowed sharply in June. Moreover, Japanese Retail Sales posted growth for the 38th straight month, albeit at the slowest pace since February. This came on top of expectations that the Bank of Japan (BoJ) could delay an interest rate hike until Q1 2026, which, along with upbeat market sentiment, turned out to be the main factors weakening the safe-haven JPY. Moreover, uncertainty over the impact of US tariffs on the Japanese economy turned...
Oil prices edged up in early Asia amid positive sentiment driven by overnight gains on Wall Street. However, "supply tensions should again surpass their summer seasonal strength as under the surface, several bearish factors are gearing up for the end of the third quarter," Francesco Martoccia of Citi Research said in a research report. These factors include global refinery production set to fall by more than 1.5 million barrels per day between August and September, the analyst said. Front-month WTI crude futures were up 0.2% at $65.37/bbl; front-month Brent crude futures were up 0.2% at...
Gold fell slightly in early Asian trade, weighed by stronger-than-expected US data that could dampen hopes for a Fed rate cut. The number of people filing for unemployment benefits fell to a five-week low last week and durable goods orders posted their biggest increase in 11 years. The focus will likely be on the PCE inflation report due later in the day. Market participants are now looking to upcoming data for further direction, Exness' Krisada Yoonaisil said in an email. Meanwhile, concerns over the Fed's independence could fuel safe-haven demand, the financial market strategist added....
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...