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 Japanese Yen (JPY) reversed its Asian session losses against its US counterpart and attempted to build on gains recorded over the past two days. Uncertainties over US President Donald Trump's trade policies and rising geopolitical tensions kept investors cautious, which in turn, was seen lending support to the safe-haven JPY. Further, bets that the Bank of Japan (BOJ) will raise interest rates further in 2025, despite its dovish pause last week, turned out to be another factor supporting the JPY. However, optimism over a potential de-escalation in the US-China trade war and easing fears...
Oil prices rebounded more than 1% on Tuesday on a technical rebound and dip buying after the previous session's decline on OPEC+'s decision to accelerate output increases, although concerns about the market surplus outlook persisted. Brent crude was up 92 cents at $61.15 a barrel by 0309 GMT, while U.S. West Texas Intermediate crude was up 89 cents at $58.02 a barrel. Both benchmarks had settled at their lowest levels since February 2021 on Monday, boosted by OPEC+'s decision over the weekend to further accelerate oil output increases for a second straight month. "Today's modest rebound...
The GBP/USD pair is trying to hold on to its position after posting gains in the previous session, trading around 1.3300 during the Asian trading hours on Tuesday (06/05). Technical analysis on the daily chart suggests neutral near-term price momentum, as the pair ranges around the nine-day Exponential Moving Average (EMA). However, the GBP/USD pair continues to trade above the 14-day Relative Strength Index (RSI) which is holding above 50, indicating the bullish bias is still in place. Further moves will offer a clear directional trend. The GBP/USD pair faces initial resistance at the...
The USD/CHF pair struggled to capitalize on its modest Asian session uptick and is currently placed near the lower boundary of its daily range amid a subdued US Dollar (USD) price action. However, the spot prices managed to hold above the 0.8200 mark as traders opted to wait for the outcome of the two-day FOMC monetary policy meeting that began today. The Federal Reserve (Fed) is scheduled to announce its decision on Wednesday and is widely expected to keep interest rates steady. Moreover, traders have been trimming their bets that the Fed will cut interest rates in June following Friday's...
Silver (XAG/USD) prices extended its gains for the second straight session, trading around $33.10 per troy ounce during Asian trading hours on Tuesday (06/05). Precious metals prices, including Silver, rose as President Donald Trump's new tariff threats spurred demand for safe-haven assets. President Trump announced plans to direct the US Trade Representative and the Commerce Department to begin imposing 100% tariffs on films produced overseas. On Monday, he also stated that he intends to impose pharmaceutical tariffs within the next two weeks. Dollar-denominated Silver's gains could be...
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...