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 Australian dollar (AUD) depreciated against the US dollar (USD) on Monday (6/23), extending its losses for the third straight session. The AUD/USD pair remained weaker amid weaker risk sentiment, driven by escalating Middle East tensions. US President Donald Trump announced late Saturday that he had "obliterated" three Iranian nuclear facilities, including Fordow, Natanz, and Isfahan, in overnight strikes, coordinated with Israeli strikes. Iran's parliament approved the move to close the strait. Iran has threatened to close the strait in the past but has never followed through,...
USD/CHF moved lower after posting gains in the previous session, trading around 0.8170 during Asian hours on Monday (6/23). The currency pair depreciated as the Swiss Franc (CHF) gained support from rising safe-haven demand, which was driven by the United States' (US) attack on three Iranian nuclear facilities over the weekend. US President Donald Trump announced late Saturday that he had "obliterated" Iran's key nuclear sites, including Fordow, Natanz and Isfahan, in overnight strikes, coordinated with Israeli strikes. The Middle East conflict is set to escalate as Tehran vows to defend...
The Japanese Yen (JPY) started the new week on a weaker note, dropping to its lowest level since May 15 against the broadly stronger US Dollar (USD) during the Asian session. The Bank of Japan (BOJ) last week signaled its preference to move cautiously in normalizing its still-loose monetary policy, forcing investors to scale back their expectations about the likely timing of the next interest rate hike. In addition, concerns that the US tariffs of 25% on Japanese vehicles and a reciprocal levies of 24% on other imports will impact the Japanese economy turned out to be another factor that...
The GBP/USD pair extended losses to around 1.3405 during Asian trading hours on Monday (6/23). Concerns that Iran will retaliate against the US attack on its nuclear sites boosted safe-haven flows, supporting the US Dollar (USD). Investors await preliminary readings of the Purchasing Managers' Indexes (PMIs) for June from the UK and the US, due on Monday. The United States carried out airstrikes on three nuclear sites in Iran early Sunday despite US President Donald Trump's long-standing vows to avoid a new foreign conflict, according to Bloomberg. Trump said Iran's main nuclear enrichment...
The EUR/USD pair weakened to around 1.1480 during the early Asian session on Monday (6/23). The greenback moved higher against the Euro (EUR) as US President Donald Trump's decision to join Israel's war against Iran sharply escalated the conflict. Traders will be closely monitoring developments surrounding the Middle East conflict. The United States (US) waded into the conflict between Israel and Iran over the weekend, with American warplanes and submarines targeting three Iranian facilities in Iran, Fordo, Natanz, and Isfahan. Trump said Iran's main nuclear enrichment facility had been...
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...