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 fell on Friday after U.S. President Donald Trump announced a trade deal with the UK, dimming bullion's safe-haven appeal, while attention shifted to U.S.-China talks this weekend. Spot gold fell 0.8% to $3,277.67 an ounce, as of 0217 GMT. U.S. gold futures lost 0.7% to $3,282.80. Trump and British Prime Minister Keir Starmer announced a "breakthrough deal". A 10% tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to U.S. goods. "I think the progress in trade talks and the U.S.-UK deal is the...
The AUD/USD pair extended its decline for the third straight session, trading near 0.6390 during the Asian session on Friday (09/05). The Australian dollar (AUD) remained pressured amid stalled progress in the US-China trade negotiations. Given the close economic ties between Australia and China, any pressure on the Chinese economy is likely to weigh on the AUD. Beijing is unlikely to ease tariffs ahead of upcoming talks in Switzerland, according to the Global Times—citing the Chinese Embassy in the United States. This has added to market uncertainty and dampened risk sentiment. In the...
Gold edged higher — after a tumultuous week in which it jumped nearly 6% in the first two sessions before retracing most of those gains — as markets digested the new U.S.-UK trade deal. Bullion was trading above $3,316 an ounce, up more than 2% for the week. The pact gives the U.S. better market access and a faster customs process for exports to the U.K., while the U.K. will see limited relief on auto, steel and aluminum tariffs. However, it falls short of the "complete and comprehensive" deal promised by President Donald Trump. Trump also said he was confident that this weekend's trade...
Oil extended gains as the market turned its attention to trade talks between the U.S. and China later this week after President Donald Trump announced a deal with the U.K. West Texas Intermediate rose above $60 a barrel after rising 3.2% in the previous session. Brent settled near $63. Trump said negotiations with China would produce real progress, although Beijing reiterated its call on Thursday for the U.S. to roll back tariffs before talks. Crude has fallen since mid-January on concerns that Trump's tariffs will hamper economic growth, and as OPEC+ moves to revive stalled production....
GBP/USD kicked off Thursday with an early spat of gains, fueled by the Bank of England (BoE) delivering the market a widely-anticipated quarter point rate cut. However, bullish momentum behind the Pound Sterling evaporated quickly as markets pivoted toward trade headlines from the United States (US). Investors are hoping for quick progress on the US making trade deals that will allow it to climb down from its own self-imposed tariff stance. Market sentiment pinned firmly on the high side and bolstered the US Dollar (USD) after the Trump administration announced an impending trade deal...
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...