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 USD/CHF pair regains positive traction following the previous day's directionless price move and jumps to over a one-week high, around the 0.8345-0.8350 area during the Asian session Thursday. Moreover, the fundamental backdrop supports prospects for an extension of a multi-day-old uptrend from sub-0.8200 levels, or a nearly three-week low touched on Monday. The global risk sentiment gets a strong boost after the Court of International Trade on Wednesday blocked US President Donald Trump's proposed reciprocal trade tariffs. Wall Street futures and equities across Asia rise sharply in...
EUR/USD extends its losing streak for the third successive session, trading around 1.1240 during the Asian hours on Thursday. The preliminary US Q1 Gross Domestic Product (GDP) Annualized, Personal Consumption Expenditures Prices QoQ, and Initial Jobless Claims, scheduled to be released later in the day. The EUR/USD pair depreciates as the US Dollar (USD) gains ground following a decision by a US federal court on Wednesday to block US President Donald Trump from imposing "Liberation Day" tariffs from taking effect. A three-judge panel at the Court of International Trade in Manhattan ruled...
Gold price (XAU/USD) touched a one-and-a-half week low, around the $3,246-3,245 area during the Asian session on Thursday in reaction to the news that a federal court blocked US President Donald Trump's trade tariffs from going into effect. The ruling led to a sharp bounce in risk trade and weighed heavily on traditional safe-haven assets, which, in turn, is seen as a key factor exerting pressure on the bullion for the fourth consecutive day. The tariffs-block news comes on top of hawkish FOMC Minutes released on Wednesday, which assists the US Dollar (USD) to attract strong follow-through...
The Japanese Yen (JPY) attracts heavy selling during the Asian session on Thursday in reaction to the news that a US federal court blocked President Donald Trump's "Liberation Day" tariffs from going into effect. The development boosts investors' confidence and triggers a fresh wave of the risk-on trade, which, in turn, weighs heavily on traditional safe-haven assets, including the JPY. Apart from this, the Federal Reserve's (Fed) wait-and-see approach remains supportive of a strong follow-through US Dollar (USD) move higher and assists the USD/JPY pair to prolong its weekly uptrend for the...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the third successive day and trading more than 0.50% higher around 100.30 during the Asian hours on Thursday. Traders are likely awaiting the preliminary US Q1 Gross Domestic Product (GDP) Annualized, Personal Consumption Expenditures Prices QoQ, and Initial Jobless Claims, scheduled to be released later in the North American session. The Greenback receives support after a US federal court on Wednesday blocked President Donald Trump from imposing "Liberation...
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...