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...
Silver (XAG/USD) oscillated in a narrow range around the $36.75 area during the Asian session on Thursday (June 19) and for now, seems to have stalled the previous day's modest decline from its highest level since February 2012. Meanwhile, the technical setup favors bullish traders and suggests that the path of least resistance for the white metal is to the upside. A sustained strength beyond the $36.45-$36.50 mark confirms a breakout through a short-term descending trend channel, which constitutes the formation of a bullish flag pattern. Moreover, the Relative Strength Index (RSI) on the...
The Japanese Yen (JPY) reversed modest Asian session gains against the broadly stronger USD and remained near monthly lows retested earlier this week. The Bank of Japan's (BOJ) cautious approach to winding down its decade-long monetary stimulus forced investors to push back their expectations about the likely timing of the next interest rate hike to Q1 2026. Additionally, concerns about the potential economic impact of the US's 25% tariffs on Japanese vehicles and a reciprocal 24% levy on other imports turned out to be key factors undermining the JPY. The USD, on the other hand, rose to...
Oil prices fell on Thursday as investors hesitated to take new positions after US President Donald Trump gave mixed signals about the country's potential involvement in the ongoing Israel-Iran conflict. Brent crude futures fell 37 cents, or 0.48%, to $76.33 a barrel by 0110 GMT after rising 0.3% in the previous session marked by high volatility, when prices fell as much as 2.7%. U.S. West Texas Intermediate crude for July fell 28 cents, or 0.37%, to $74.86 a barrel, after rising 0.4% the previous day despite falling as much as 2.4%. The July contract expires on Friday and the more active...
USD/CHF rallied for the fourth straight day after the Federal Reserve (Fed) decided to keep interest rates on hold, although they are still eyeing two rate cuts by 2025. This, coupled with US President Trump's statement that he is open to Iran talks, boosted the dollar. At the time of writing, the pair was trading at 0.8180, up 0.08%. USD/CHF Price Forecast: Technical outlook The price action suggests that the USD/CHF downtrend is still in play, although since June 13, it seems to be consolidating in the 0.8038-0.8350 range in the near term. This is because the Relative Strength Index...
Gold edges higher in the early Asian session amid ongoing geopolitical tensions. Israel's military said it struck more than 20 military targets in and around Tehran, including sites tied to Iran's nuclear weapons development and missile production. President Trump said that he wasn't looking for a ceasefire in Israel-Iran conflict and that he doesn't want Iran to have nuclear weapons. "Persistent geopolitical tensions continue to underpin safe-haven demand," DHF Capital's Bas Kooijman says in an email. There are growing worries that the U.S. could become directly involved, the CEO and asset...
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...