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 (XAU/USD) is seen consolidating its intraday losses to over a one-week low and trades just below the $3,350 level during the first half of the European session. The US Federal Reserve (Fed) earlier this week trimmed the outlook for rate cuts in 2026 and 2027, which, in turn, is seen acting as a tailwind for the US Dollar (USD) and undermining demand for the non-yielding yellow metal. Apart from this, a generally positive tone around the European equity markets turns out to be another factor exerting pressure on the Gold price. However, rising geopolitical tensions in the Middle...
Brent crude oil prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but prices were still poised for a third straight week of gains. Brent crude was down $1.89, or 2.4%, at $76.96 a barrel by 0255 GMT. For the week, it was up 3.8%. U.S. West Texas Intermediate crude for July - which did not close on Thursday because of a U.S. holiday and ends on Friday - rose 53 cents, or 0.7%, to $75.67. The more liquid WTI for August was up 0.2%, or 17 cents, to $73.67. Oil prices jumped...
Silver (XA/USD) is seen extending its retracement slide from the highest level since February 2012 touched earlier this week and weakened for the third straight day on Friday (6/20). The downward trajectory dragged the white metal to its lowest level in over one week, around the $35.65 area during the Asian session. From a technical perspective, XAG/USD's failure to extend this week's up-move beyond the $37.00 mark and a subsequent decline below the 23.6% Fibonacci retracement level of the May-June rally favors bearish traders. Moreover, oscillators on the 4-hourly chart have been gaining...
Gold prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and prospects for fewer U.S. interest rate cuts offset support from rising geopolitical risks in the Middle East. Spot gold was down 0.5% at $3,355.49 an ounce, by 0245 GMT, and down 2.2% so far this week. U.S. gold futures were down 1% at $3,371.80. "There's a lot of uncertainty in the Middle East right now that's keeping traders from taking aggressive positions on either the long or short side of the spectrum," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. Middle East...
The USD/CHF pair lost momentum to around 1.3690, ending three consecutive days of gains during Asian trading hours on Friday (6/20). Concerns about the US involvement in the Middle East conflict fueled demand for the Swiss Franc (CHF), a safe-haven currency. The US Philly Fed Manufacturing Index will be published later on Friday. The conflict between Israel and Iran has entered its seventh day. The White House said that US President Donald Trump will make a decision in the next two weeks on whether to join Israel in the war. Uncertainty about the war raging in the Middle East and fears that...
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...