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 US dollar index edged lower to around 99 on Monday, trimming gains from the previous session as investors braced for a busy week of key economic data and trade developments. Sentiment was influenced by renewed hopes for progress in US-China trade relations as President Donald Trump announced that officials from both countries would meet in London later today, following a recent phone call with Chinese President Xi Jinping. On the data front, markets are awaiting several major economic releases. The Consumer Price Index is due Wednesday, followed by the Producer Price Index and the...
Oil prices held on to last week's gains early on Monday as investors waited for U.S.-China trade talks to be held in London later in the day. Brent crude futures were flat at $66.47 a barrel at 0008 GMT. U.S. West Texas Intermediate crude was trading up 1 cent at $64.59. The prospect of a U.S.-China trade deal supported prices as three of Donald Trump's top aides were set to meet with counterparts in London on Monday for the first meeting of the U.S.-China economic and trade consultation mechanism. The announcement on Saturday followed a rare Thursday call between the two countries' top...
Gold edges higher in early Asian trade amid lingering geopolitical tensions that typically enhance the safe-haven allure of the precious metal. Russia launched a missile-and-drone attack on Ukraine at the end of last week, killing at least three people in Kyiv and igniting fires across the capital. "Gold has been showing strength for some time now," Commerzbank Research's Barbara Lambrecht says in a recent research report. The commodity analyst cites drivers including the threat of escalation of the Russia-Ukraine conflict. Spot gold is 0.1% higher at $3,313.90/oz. Source : Dow Jones...
WTI crude oil futures climbed 1.9% to settle at $64.60 per barrel on Friday, marking their first weekly gain in three weeks with a rise of over 6.5%. The rebound was fueled by renewed optimism after trade talks resumed between US President Donald Trump and China's President Xi Jinping, raising hopes for stronger global demand. Sentiment was further lifted by news that Canada had also entered direct trade discussions with the US. Despite the gains, the oil market remains volatile amid geopolitical tensions, including the potential for increased US sanctions on Venezuela and the risk of...
Gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since 2012. Spot gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far. U.S. gold futures settled 0.8% lower at $3,346.60. A U.S. Labor Department report showed non-farm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2%, in line with...
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...