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 pound (GBP) faced sharp selling pressure against other currencies on Tuesday (10/6) after the UK Office for National Statistics (ONS) reported that the labour market contracted in the three months to April. The data showed that the economy added 89,000 new jobs, down from the 112,000 seen in the quarter ended March. The ILO Unemployment Rate rose to 4.6%, as expected, from the previous reading of 4.5%. This is the highest unemployment rate seen since July 2021. Slower job growth in the UK reflects the impact of increased employer contributions to social security schemes. UK Chancellor...
The US dollar was virtually flat against the Swiss franc on Tuesday (6/10). The pair hesitated above 0.8200, in the middle of a two-week trading range, with investors watching from the sidelines, awaiting news from the US-China trade negotiations. The world's two leading economies are expected to resume their talks for a second day, aimed at ironing out differences on thorny issues such as rare earths or chip trade, as their respective economies begin to show the scars of their tough tariff policies. Comments from US President Donald Trump, highlighting positive reports received from US...
Gold prices edged up on Tuesday as investors awaited further clarity on US-China trade talks and awaited key US inflation data due later in the week that could provide insight into the Federal Reserve's future interest rate decision. Spot gold was up 0.2% at $3,333.89 an ounce, as of 0818 GMT, after dropping as low as $3,301.54 earlier in the session. US gold futures were steady at $3,354.70. "Gold prices found a bottom amid dip buying although the rally lacked conviction. Fiscal concerns and Fed rate cut bets were the catalysts for the recovery," said Jigar Trivedi, senior commodities...
Gold price (XAU/USD) attracts fresh sellers during the Asian session on Tuesday and drops to the $3,300 neighborhood in the last hour, closer to a one-week low touched the previous day. The optimism over US-China trade talks undermines safe-haven assets, which, along with a goodish pickup in the US Dollar (USD) demand, turn out to be key factors exerting downward pressure on the bullion. However, the growing acceptance that the Federal Reserve (Fed) will lower borrowing costs further in 2025 might keep a lid on any meaningful USD appreciation. Furthermore, persistent geopolitical risks...
The Japanese yen weakened to around 145 per dollar on Tuesday, reaching a near two-week low as optimism surrounding US-China trade talks dampened demand for safe-haven assets. Officials from both nations met in London on Monday to discuss rare earth shipments and the potential easing of export restrictions, with further negotiations expected to continue on Tuesday. On the domestic front, revised data showed Japan's economy was flat in the first quarter, improving from an initial estimate of a 0.2% contraction. Still, the result marks a notable slowdown from the 0.6% expansion recorded in...
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...