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 Pound Sterling (GBP) posts a fresh three-year high near 1.3500 against the US Dollar (USD) in European trading hours on Friday, following the release of the stronger-than-projected United Kingdom (UK) Retail Sales data for April. The Office for National Statistics (ONS) reported that Retail Sales, a key measure of consumer spending, rose at a robust pace of 1.2% on the month, compared to estimates of 0.2% and the 0.1% growth seen in March, revised lower from 0.4%. On year, the consumer spending measure grew by 5%, faster than expectations of 4.5% and the prior release of...
Gold (XAU/USD) price extends its weekly gains, trading near $3,330 at the time of writing on Friday, up nearly 1% on the day, on a new tailwind for the safe haven precious metal. The spending bill from United States (US) President Donald Trump passed through the House of Representatives on Thursday and is now on its way to the Senate. Traders are worried that the spending bill will only add more US debt, while income from tariffs remains to be seen as enough to provide funding for all the spending. The best place to track these concerns is the US 30-year benchmark rate. Yields in that...
Silver prices climbed above $33 per ounce on Friday and were on track to rise about 3% for the week, driven by heightened demand for safe-haven assets amid growing concerns over the US fiscal outlook. Investor anxiety was stoked by President Trump's new budget bill—which includes significant tax cuts and expanded defense spending—raising fears of worsening deficits and an expanding national debt. Adding to the bullish tone, Federal Reserve Governor Christopher Waller suggested that the Fed still sees scope for interest rate cuts later this year, depending on the outcome of ongoing tariff...
EUR/USD recovers its recent losses posted in the previous session, trading around 1.1310 during the Asian hours on Friday. The pair appreciates as the US Dollar (USD) struggles due to a drop in US Treasury yields, which continue to depreciate after the 30-year US bond yield pulled back from 5.15%, the highest in 19 months. US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its way to the Senate floor, which has raised concerns regarding the increase in the fiscal deficit in the United States (US). However, the EUR/USD pair registered...
Gold price (XAU/USD) regains positive traction following the previous day's pullback from a two-week high and trades above the $3,300 mark during the Asian session on Friday. Worries about the worsening US fiscal situations, renewed US-China trade tensions, and persistent geopolitical risks turn out to be key factors that continue to act as a tailwind for the safe-haven bullion. Apart from this, the emergence of fresh US Dollar (USD) selling lends additional support to the commodity. The initial market reaction to Thursday's mostly upbeat US economic data turned out to be short-lived amid...
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...