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 GBP/USD pair remained below three-year highs touched on Friday, albeit lacked bearish conviction and oscillated in a narrow range around mid-1.3500s through the Asian session. Traders seemed reluctant and chose to wait for this week's key data/central bank event risk before positioning for the next leg of a directional move in the spot prices. The latest UK consumer inflation figures will be released on Wednesday ahead of the Bank of England (BoE) policy meeting on Thursday, which will play a key role in influencing the British Pound (GBP). Further, the US Federal Reserve (Fed) is...
The Australian dollar (AUD) extended its losses against the US dollar (USD) on Monday (6/16). The AUD/USD pair remained subdued for the second straight session amid rising tensions in the Middle East. The AUD held losses after the release of key Chinese economic data, given that Australia and China are close trading partners. China Retail Sales rose 6.4% year-on-year in May, beating estimates of 5.0% and a 5.1% increase in April. Meanwhile, Industrial Production increased 5.8% YoY but below estimates of 5.9% and 6.1% previously. Israel and Iran continue to exchange attacks despite...
The dollar rose against major currencies on Monday, boosted by safe-haven buying from investors worried that the Israel-Iran fighting could escalate into a wider regional conflict as they prepared for a week packed with central bank meetings. With Iran and Israel showing no sign of backing down from their attacks, the prospect that Tehran might try to close the Strait of Hormuz - the world's most important gateway for oil shipments - raises the broader economic risk of disruption in the energy-rich Middle East. Scheduled weekend talks between Iran and the United States over Tehran's...
EUR/USD extended its decline for the second straight session, trading around 1.1540 during Asian hours on Monday (6/16). The currency pair depreciated as the US Dollar (USD) strengthened amid increased demand for safe havens as geopolitical tensions escalate in the Middle East. Israel launched an attack on Iran's nuclear facilities and missile plants on Friday. Iran responded with an attack on Israel on Sunday night, with explosions seen in the coastal city of Haifa. Israel continues to attack military targets in Iran, despite international calls for diplomacy and de-escalation, according...
Spot gold prices ended last week at a record high and are set to continue to rise in Asian trading, said Chris Weston, head of research at Pepperstone. He said gold prices could test their all-time high of $3,500.10 an ounce. Traders have been reducing profitable long positions in silver, platinum and palladium, potentially increasing cash in their portfolios or even shifting exposure to gold, he added. (alg) Source: Dow Jones Newswires
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...