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 AUD/USD pair strengthened near 0.6450 during the Asian session on Monday (05/05). The Australian dollar (USD) strengthened against the greenback after Australian Prime Minister Anthony Albanese won a second three-year term in the 2025 Federal Election, making a big gain in Saturday's Federal Election results. Labor Party leader and Premier Albanese claimed a majority in parliament on Saturday, with more than 45% of the vote counted. Albanese became the first leader in decades to secure a second term, defeating opposition leader Peter Dutton from the center-right Liberal-National...
Oil prices plunged on concerns about a global glut after OPEC+ agreed to a large output increase, adding to supplies at a time when demand is being hampered by headwinds from the trade war. Global benchmark Brent plunged as much as 4.6% to $58 a barrel as the week began, while West Texas Intermediate neared $56. The decision by OPEC and its allies came at a meeting Saturday, with the group's leaders seeking to punish overproducing members including Kazakhstan in a shift in strategy that has sent prices plunging. (Newsmaker23) Source: Bloomberg
Oil prices plunged more than 1% on Friday, posting their biggest weekly loss since late March, as traders remained cautious ahead of an OPEC+ meeting to decide the group's output policy for June. U.S. West Texas Intermediate crude futures settled down 95 cents, or 1.6%, at $58.29 a barrel. Brent crude futures settled down 84 cents, or 1.4%, at $61.29 a barrel. For the week, Brent was down more than 8% and WTI was down about 7.7%. The OPEC+ meeting was moved up to Saturday from Monday, three sources told Reuters on Friday, although it was not clear why it was rescheduled. Members of the...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, weakened on Friday (02/05) after briefly moving above the 100.00 level. Despite stronger-than-expected US Nonfarm Payrolls data, the greenback came under pressure from dovish interpretations and emerging trade headlines involving China. Daily market movers: Not as expected The US Bureau of Labor Statistics reported that Nonfarm Payrolls rose by 177,000 in April, beating the consensus of 130,000 but lower than the revised 185,000 in March. The Unemployment Rate remained at 4.2%, while...
Gold fell on Friday and headed for a second straight weekly decline as easing trade tensions between the U.S. and China and a strong jobs report kept prices pressured. Spot gold fell 0.4% to $3,228.50 an ounce by 1:41 p.m. ET (1741 GMT). Prices were down 2.6% for the week, after hitting a record $3,500.05 on April 22. They hit their lowest since April 14 on Thursday. U.S. gold futures settled 0.6% higher at $3,243.30. China's commerce ministry said the U.S. has repeatedly expressed its willingness to negotiate on tariffs and that Beijing's door is open for talks. "Gold looks like $3,500...
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...