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 rose after its biggest daily surge in four weeks as a weaker dollar and stronger demand for safe-haven assets bolstered trade and geopolitical risks. Bullion prices were near $3,390 an ounce after jumping 2.8% on Monday as relations between Washington and Beijing deteriorated and the Russia-Ukraine war escalated. China accused the U.S. of violating their latest trade deal and vowed to take action to defend its interests, even as the White House later confirmed the countries' leaders would likely speak this week. Meanwhile, the European Union issued a fresh warning of retaliatory...
The Australian Dollar (AUD) traded positive in the early hours of the Asian session on Tuesday (03/06), while the US Dollar (USD) remained pressured. A series of events, including the re-escalation of tensions between the United States and China and the threat of new tariffs, have led to significant outflows from the USD, which has benefited other currencies, such as the Australian Dollar. US President Trump, tariffs, and trade wars continue to drive sentiment and demand for the US Dollar. US President Donald Trump recently announced that tariffs on steel and aluminum imports will double...
EUR/USD edged higher during the North American session to hit a six-week high of 1.1449, poised to hold above 1.1400 as the US Dollar dropped to levels last seen in April as the "Sell America" trade continued. Escalating trade tensions between the United States (US) and China, as well as the Eurozone (EU), prompted investors to favor the Greenback with the Euro posting a gain of over 0.68%. Recently, economic data in the US revealed that business activity in the manufacturing sector remained in contraction territory, according to the Institute for Supply Management (ISM). Last week, US...
Oil prices rose more than 2% on Monday, even as the OPEC+ producer group stuck to its output hike plan, as wildfires in Canada's oil-producing provinces threatened supplies and President Donald Trump's threat of new tariffs weighed on the dollar. Brent crude rose $1.76, or 2.8%, to $64.54 a barrel by 2:14 p.m. EDT (1814 GMT). U.S. West Texas Intermediate crude rose $1.63, or 2.68%, to $62.42. Wildfires burning in Canada's oil-producing province of Alberta have affected about 7% of the country's total crude output as of Monday, according to Reuters calculations. At least two thermal oil...
Gold prices jumped 2.5% on Monday to above $3,370 an ounce, hitting their highest in more than three weeks as investors sought a safe haven amid rising geopolitical and economic risks. A 0.7% drop in the dollar made the metal more attractive to foreign buyers, further fueling the rally. Market jitters mounted after U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50%, effective June 4, adding to existing trade tensions with China. Trump also accused Beijing of violating a recent tariff truce, while China retaliated with its own accusations,...
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...