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...
EUR/USD trades with moderate losses, following a strong performance on the previous day. The pair is moving around 1.1420 at the time of writing, with investors focusing on the preliminary Eurozone Consumer Prices Index (CPI) numbers, due later on Tuesday. Consumer prices are expected to have cooled in May, with the headline inflation returning to a 2% year-over-year (YoY) growth rate, from the 2.2% reading seen in April. Likewise, the core CPI is seen moderating to 2.5% from April's 2.7% reading. These figures are likely to be welcomed by the European Central Bank (ECB), which is widely...
Oil prices ticked up on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, while weakness in the dollar also supported prices. Brent crude futures gained 21 cents, or 0.32%, to $64.84 a barrel by 0437 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.43%, to $62.79 a barrel, after rising about 1% earlier in the session. The oil market surged higher on Monday as rising geopolitical risks and a supply hike from OPEC+ that fell short of expectations provided a boost, said ING...
The GBP/USD pair attracts some sellers during the Asian session on Tuesday and erodes a part of the overnight strong move up to the 1.3560 area, or a multi-day peak. Spot prices drop to the 1.3515 area, or a fresh daily low in the last hour amid a modest US Dollar (USD) uptick, though the fundamental backdrop warrants some caution for bearish traders. The USD Index (DXY), which tracks the Greenback against a basket of currencies, rebounds from a six-week trough touched on Monday and turns out to be a key factor exerting downward pressure on the GBP/USD pair. Any meaningful USD appreciation,...
Gold price (XAU/USD) retreats from the vicinity of the $3,400 round-figure mark, or a nearly four-week peak touched during the Asian session on Tuesday and erodes a part of the previous day's strong gains. A modest US Dollar (USD) recovery from the lowest level since April 22 is seen as a key factor exerting some pressure on the commodity. Apart from this, a generally positive tone around the equity markets seems to undermine demand for the safe-haven precious metal. However, persistent trade-related uncertainties and rising geopolitical tensions might keep a lid on any optimism in the...
The Silver price (XAG/USD) faces some selling pressure to around $34.15 after retreating from a nearly seven-month high during the Asian trading hours on Tuesday. The white metal loses ground due to some profit-taking amid easing trade tensions. A generally positive tone around the equity markets weighs on the safe-haven assets, including the white metal. US President Donald Trump planned to double import tariffs on steel and aluminum, starting on Wednesday. On the same day, the Trump administration asked its trade partners to submit their best offers in order to finalize deals before...
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...