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 dollar inched lower versus G-10 peers as markets await key inflation and sentiment readings from the US which may add context to mixed jobs data this week. The Bloomberg Dollar Spot Index fell 0.1%. US personal income, personal spending, core PCE, PCE price index and preliminary Michigan consumer sentiment are on due for release later today. USD/JPY fell 0.1% to 154.92 after being sold over the Tokyo fixing. Spot had hit 154.51 and a two-week low in London in response to report that key members of Prime Minister Sanae Takaichi's government wouldn't try to stop the...
Oil prices have held onto gains over the past two days amid market focus on ceasefire talks in Ukraine and concerns about a global oversupply. Brent is trading above $63 per barrel, while WTI is hovering near $60 per barrel. Ukrainian negotiators are preparing for a new round of talks in Florida, but Russian President Vladimir Putin has said several points in the US-backed peace plan are still unacceptable. On the other hand, the market is concerned that supply will become more abundant if sanctions on Russia are eased, increasing its oil exports. This pressure is compounded by Saudi Aramco...
The AUD/USD currency pair is currently in a bullish consolidation phase, a brief pause in its uptrend, and is hovering around the 0.6600 level during the Asian session on Friday (December 5th). This level is just below the nearly two-month high touched the previous day. Fundamentally, the path of best practice for AUD/USD remains upward, but many market participants are choosing to hold off while awaiting the release of key US inflation data before extending long positions formed over the past two weeks. Today's main market focus is the release of the US Core PCE Price Index for October,...
Gold prices were flat at around $4,205 per troy ounce at the start of Friday's Asian session. Rising US government bond yields and still-strong employment data prevented gold from rising further. Many market participants opted for a wait-and-see approach ahead of the release of key US inflation data, the September PCE Price Index, scheduled for release today. This data is considered key to determining the Fed's future policy direction. Higher bond yields and strong employment data typically support a stronger US dollar, which tends to pressure dollar-denominated commodity prices, including...
Oil prices have remained bullish for the past two days. WTI is trading near $60 per barrel, while Brent is above $63 after gaining 1.2% on Thursday. Market sentiment has been largely influenced by developments in ceasefire talks in Ukraine, with Ukrainian negotiators set to attend a new round of discussions in Florida. However, Russian President Vladimir Putin has made it clear that there are several points in the US peace plan that he cannot accept. The market is now focused on whether these talks will lead to the lifting of sanctions on Russia and increased oil exports from the country....
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...