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 price retreats on Thursday during the North American session, failing to gain traction amid a session characterized by a weak US Dollar, which is testing levels last seen in February 2022. The XAU/USD trades at $3,331 and prints modest losses of 0.05%. The yellow metal is struggling to rally despite the Greenback being near three-and-a-half-year lows and US Treasury yields plunging. Solid economic data in the United States (US) kept bullion from advancing, even though market participants got slightly ahead of themselves, pricing in two rate cuts toward the end of 2025. US jobs data...
Oil prices edged higher on Thursday with investors focused on market fundamentals as crude and fuel inventories fell in the U.S. and the dollar sank to a multi-year low, while the market remained cautious about the Iran-Israel ceasefire. Brent crude futures were up 32 cents, or 0.47%, to $68 a barrel at 2:01 p.m. EDT (1801 GMT). U.S. West Texas Intermediate crude was up 55 cents, or 0.85%, to $65.47 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient U.S. demand. Brent futures were trading below their close of...
Gold is retreating on Thursday despite persistent US Dollar (USD) weakness as traders continue to favour risk assets. With XAU/USD trading near $3,330 in the American session at the time of writing, the yellow metal continues to display signs of resiliency despite a minor pullback. The risk-on tone being adopted by global markets has continued to ripple through markets as US equity indices continue their ascent to fresh, record highs. This has limited Gold's ability to extend gains, despite a weaker Greenback. With the timing of Fed rate cuts still in question, recent data and US...
The dollar sank to a three-year low while world stocks notched their second record high in three days as a report that Donald Trump was planning to choose the next Federal Reserve chief early fuelled fresh bets on U.S. rate cuts. Dollar selling was ongoing as U.S. trading picked up pace after the Wall Street Journal said the U.S. president - who has been urging the Fed to cut rates faster - was toying with the idea of selecting Chair Jerome Powell's replacement in the next few months ahead of his formal departure next May. It left the greenback (.DXY), opens new tab down nearly 0.5% on...
Gold is regaining confidence on Thursday as the poor performance of the US Dollar (USD) becomes the dominant driver of price action. With XAU/USD trading near $3,340 in the European session at the time of writing, the yellow metal continues to display signs of resiliency. Despite a risk-on tone being adopted by global markets, declines in the Gold price have been limited. This is largely attributed to a decrease in confidence in the Greenback, which has come under scrutiny in recent months. Investors' focus has now shifted to the timing of when the Fed will begin to cut interest rates,...
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...