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 Australian Dollar (AUD) gains ground against the US Dollar (USD) on Thursday, extending its gains for the second successive day. The AUD/USD pair maintains its position following the release of the preliminary S&P Global Purchasing Managers Index (PMI) data. Australia's Manufacturing Purchasing Managers Index came in at 51.7 in May versus 51.7 prior. Meanwhile, Services PMI declines to 50.5 in May from the previous reading of 51.0, while the Composite PMI eases to 50.6 in May versus 51.0 prior. The Reserve Bank of Australia (RBA) reduced its Official Cash Rate (OCR) by 25 basis...
Silver price (XAG/USD) rises to near $32.60 per troy ounce during the Asian trading hours on Thursday, gaining ground for the third successive session. Precious metals, including Silver, attract buyers amid rising safe-haven demand over growing fiscal concerns in the United States (US). Moody's downgraded the US credit rating from Aaa to Aa1, following similar downgrades by Fitch Ratings in 2023 and Standard & Poor's in 2011. Moody's also predicted that US federal debt is expected to climb to around 134% of GDP by 2035, up from 98% in 2023, with the budget deficit expected to widen to...
Gold price (XAU/USD) prolongs the uptrend for the fourth consecutive day and climbs to a nearly two-week high, around the $3,344-3,345 area during the Asian session on Thursday. Investors remain on edge following the US sovereign credit rating downgrade by Moody's and growing worries about rising US deficit on the back of US President Donald Trump's sweeping tax bill. Moreover, renewed US-China trade tensions, along with geopolitical risks, hit the global risk sentiment and continue to benefit the safe-haven precious metal. Meanwhile, a poor response to the 20-year US bond auction...
Oil prices extended losses in Asian trading on Thursday after data showed a surprise build in U.S. crude stockpiles, while uncertainty ahead of renewed U.S.-Iran nuclear talks next week further fueled oversupply worries. In the previous session, oil closed lower after volatile moves, as it initially jumped over 1.5% on a CNN report stating Israel may potentially strike Iran's nuclear sites. As of 20:48 ET (01:55 GMT), Brent Oil Futures expiring in July fell 0.5% to $64.61 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.4% to $61.30 per barrel. US-Iran talks to...
The Japanese yen strengthened toward 143 per dollar on Thursday, reaching its highest level in over two weeks, as mounting concerns over the US fiscal outlook weighed on the greenback. The yen's rally was fueled by expectations that President Donald Trump's proposed tax cuts projected to add more than $3 trillion to US debt could destabilize financial markets and undermine confidence in US assets. On the diplomatic front, Japanese Finance Minister Katsunobu Kato said he did not discuss exchange rate levels with US Treasury Secretary Scott Bessent during the G7 meetings in Canada...
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...