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 prices rose to a two-week high on Tuesday as concerns over U.S. President Donald Trump's tariff plans boosted interest in safe-haven metal, while investors also kept a close tab on the upcoming Federal Reserve policy meeting. Spot gold was up 1.4% at $3,380.92 an ounce, as of 0224 GMT, after hitting its highest level since April 22 earlier in the session. U.S. gold futures climbed 2% to $3,389.90. "Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from U.S. President...
AUD/USD retreated from a five-month high of 0.6493 hit on Monday, dropping to around 0.6450 during the Asian session on Tuesday (06/05). The decline came as the US Dollar (USD) strengthened ahead of the Federal Reserve's (Fed) upcoming monetary policy decision on Wednesday. While the Fed is widely expected to keep interest rates on hold, investors' focus remains on Chairman Jerome Powell's remarks, especially amid uncertainty over tariffs and growing pressure from President Donald Trump to cut rates. Adding to the mix, Treasury Secretary Scott Bessent said on Monday that the US was "very...
EUR/USD is hovering near the 1.1300 level to start the new trading week. Fiber has been stuck in an uncertain consolidation phase as Euro traders struggle to initiate a fresh push in either direction. European data remains limited this week: final Purchasing Managers' Index (PMI) data due later this week is unlikely to produce any surprises, and pan-European Retail Sales figures due Wednesday morning are already expected to disappoint markets, poisoning the water supply and leaving Fiber traders focused on this week's key Federal Reserve (Fed) interest rate decision. The Fed is widely...
Oil prices steadied after a sharp decline with the prospect of more OPEC+ supply weighing on the outlook, as the U.S.-China trade war continues. West Texas Intermediate crude futures were trading above $57 a barrel after falling 2% on Monday, with Brent crude settling near $60. Saudi Arabia has warned of further output increases if the group's overproducing members don't follow suit, following its decision to significantly increase output in June, delegates said. Read More: Saudi Raises Oil Prices to Asia Despite More OPEC+ Supply The supply increases by OPEC and its allies have added to...
Gold edges lower in early Asian trade on a likely technical correction after front-month gold futures closed 2.5% higher on Monday. However, support has been found at the 20-day simple moving average, and the precious metal's momentum has realigned with the well-established bullish trend on the daily chart, says Matt Simpson, market analyst at FOREX.com and City Index, in an email. Market participants will probably now monitor whether gold's latest rally can extend beyond short-covering and stabilize above key support and resistance levels, Simpson adds. Spot gold is 0.1% lower at...
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...