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 prices pared earlier gains after the latest news revealed that the phone call between US President Donald Trump and his Chinese counterpart, Xi Jinping, was positive, with the two mainly discussing trade, according to Trump. At the time of writing, XAU/USD was trading at $3,350, down 0.72%. Trump took to his social media to say that the call was positive, adding, "There should be no more questions about the complexity of the Rare Earth product." He said that the US and Chinese teams will meet at a location to be determined. The news sent bullion prices lower, as risk appetite improved...
Gold prices held firm on Thursday (05/06), supported by easing geopolitical tensions, dovish central bank signals and continued weakness in US labor market data, factors that continued to boost demand for safe-haven assets. After testing the key psychological level of $3,400 during the European session, prices eased slightly but remained elevated as markets digested positive developments. US President Donald Trump announced via Truth Social that he had a productive and positive 90-minute phone call with Chinese President Xi Jinping, where they discussed details of a recently concluded trade...
Oil prices rose 1% on Thursday, recovering from the previous day's decline as traders responded to news that U.S. and Chinese teams would meet soon, following a trade call between U.S. President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 65 cents, or 1%, at $65.51 a barrel by 11:36 a.m. EDT (15:36 GMT). U.S. West Texas Intermediate crude was up 66 cents, or 1.05%, at $63.51 a barrel. "If we step back from the brink of a major trade war, that would raise expectations for oil demand in both the U.S. and China," said Phil Flynn, senior analyst at Price Futures...
Oil climbed as signs the US and China may be ironing out their trade differences helped allay concern with large OPEC+ output increases. Brent futures extended gains after China's official news agency reported that Presidents Donald Trump and Xi Jinping spoke over the phone. Still, prices have been largely bound to a narrow price range near $65 a barrel since the middle of May. Gains were contained in equity markets as traders await US jobs data due on Friday. Saudi Arabia wants the Organization of the Petroleum Exporting Countries and its allies to continue to...
Markets are trading in relatively subdued fashion, leaving the USD soft overall but little changed on the session and holding near the past week's low, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD soft but little changed "High beta FX is leading limited gains on the USD in the major currency space. Stocks are modestly higher in Europe after a mixed session in Asia. US equity futures are little changed. Bonds are mostly firmer but Treasurys are underperforming a little. Markets are short on incentives to move today—an ECB rate cut is largely discounted and US data reports this...
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...