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 British pound (GBP) surged higher to near 1.3330 against the US dollar (USD) during North American trading hours on Monday (05/05), rebounding from a fresh weekly low around 1.3260 earlier in the day. The GBP/USD pair moved higher as the US dollar (USD) faced strong selling pressure ahead of the Federal Reserve's (Fed) monetary policy decision, which is due to be announced on Wednesday. According to the CME FedWatch tool, the market is almost fully pricing in the central bank to keep interest rates unchanged in the range of 4.25%-4.50%. Therefore, the main trigger for the US dollar will...
Gold (XAU/USD) rose more than 1% on Monday (05/05) as traders turned to safe assets after an eventful weekend in the geopolitical sphere. Houthi attacks on Ben Gurion airport this weekend and Israel's pledge to fulfill its promises while preparing for a broad ground offensive in Gaza have again raised risks in the region. Meanwhile, US President Donald Trump said that military action could be an option for the US to take control of Greenland. Gold's appeal increased as traders prepared for the Federal Reserve's interest rate decision on May 7. Over the weekend, Trump again expressed his...
EUR/USD is trading slightly higher near 1.1325 during European trading hours on Monday (05/05), strengthening after hitting a three-week low of 1.1265 late last week. The major currency pair strengthened as the US dollar (USD) amid ongoing uncertainty over the United States (US)-China trade relations and as investors remained cautious ahead of the Federal Reserve (Fed) monetary policy announcement on Wednesday. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, fell near 99.80 but traded within Friday's range. Over the weekend, US President...
Gold (XAU/USD) prices maintained its bid tone heading into the European session, albeit lacked any follow-through as traders opted to wait for more cues on the Federal Reserve's (Fed) interest rate hike path before placing any directional bets. Hence, the focus would remain on the outcome of the two-day FOMC policy meeting on Wednesday, which would play a key role in influencing the near-term US Dollar (USD) price dynamics and provide some meaningful impetus to the non-yielding yellow metal. Meanwhile, US President Donald Trump's erratic trade policies kept investors on their toes....
Oil prices plunged more than $2 a barrel in Asian trade on Monday as OPEC+ prepared to further accelerate oil output increases, stoking concerns about more supply coming into a market clouded by an uncertain demand outlook. Brent crude futures fell $2.21, or 3.61%, to $59.08 a barrel by 0653 GMT while U.S. West Texas Intermediate crude was at $56.00 a barrel, down $2.29, or 3.93%. Both contracts touched their lowest levels since April 9 at the open on Monday after OPEC+ agreed to accelerate oil output increases for a second straight month, increasing output in June by 411,000 barrels per...
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...