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 U.S. dollar rose on Tuesday, pulling back from a six-week low against the euro, even as investors remained concerned about potential economic damage from the trade war waged by President Donald Trump's administration. "We had a big selloff in the dollar and we have it bouncing back a bit today ... I don't think there has been a lot of fresh news to say the dollar has turned in any kind of meaningful way," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. The dollar was up 0.7% against the yen at 143.73. The euro fell 0.5% to $1.1386, having briefly touched a...
Gold prices are experiencing a mild pullback after testing their highest levels since May 8 on Monday, as investors continue to digest trade-related headlines, including US President Donald Trump's request that countries submit their trade offers by Wednesday and the possibility of a call between Trump and Chinese President Xi Jinping. Looking at the US economic calendar, the JOLTS (Job Openings and Labor Turnover Survey) data report, scheduled for release at 14:00 GMT, will mark the start of a critical week of labor-related economic data. This report is expected to provide further...
The USD/CHF pair trades with mild gains near 0.8180 during the early European session on Tuesday, bolstered by a modest rebound of the US Dollar (USD). Nonetheless, tariff uncertainty and the persistent geopolitical tensions in the Middle East might boost the safe-haven currency like the Swiss Franc (CHF) and create a headwind for the pair. As a small and open economy, Switzerland is heavily dependent on the health of the neighboring Eurozone economies. The broader European Union is Switzerland's main economic partner and a key political ally, so macroeconomic and monetary policy stability...
Gold pulled back on Tuesday after nearing a four-week high earlier in the session, as a slight rebound in the dollar and profit-taking added pressure, while investors remained cautious amid erratic U.S. trade policies. Spot gold fell 0.5% to $3,361.26 an ounce as of 0842 GMT, after hitting its highest since May 8 earlier in the session. U.S. gold futures eased 0.3% to $3,386.20. The dollar slightly rose from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers. "This move (in gold) is bolstered by a weaker dollar and renewed demand for alternative...
Oil prices ticked up on Tuesday supported by rising geopolitical tensions as Russia and Ukraine ramped up the war and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 43 cents, or 0.7%, to $65.06 a barrel by 0807 GMT. U.S. West Texas Intermediate...
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...