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) drifts lower against its American counterpart for the second successive day on Wednesday and retreats further from a multi-month peak touched the previous day. Upbeat comments from Trump administration officials about US-China trade talks trigger a sharp recovery in the global risk sentiment, which, in turn, weighs heavily on traditional safe-haven assets, including the JPY. Moreover, some follow-through US Dollar (USD) recovery from a multi-year low, bolstered by easing fears about the Federal Reserve's (Fed) independence, pushed the USD/JPY pair to a one-week high –...
The dollar index held around 99.5 on Wednesday after surging more than 1% in the previous session, underpinned by hopes of de-escalation in the US-China trade war and easing concerns about the Federal Reserve's independence. Treasury Secretary Scott Bessent said Tuesday that the current tariff standoff with China is "unsustainable" and emphasized that the Trump administration is not seeking to decouple the two economies. Later that day, President Trump confirmed he has no plans to remove Fed Chair Jerome Powell, helping to ease investor uncertainty. The White House's efforts to reassure...
Gold prices drop as Wednesday's Asian session begins, which is sponsored by Trump's comments that he is not looking to fire Fed Chair Jerome Powell. At the time of writing, XAU/USD plunges over 1% and trades at $3,333. Recently, US President Donald Trump said that he had no intention of firing Powell. He said, "The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates." Earlier news from the United States (US) Treasury Secretary Scott Bessent revealed that he saw a de-escalation with...
Gold fell in early Asian trade on signs of easing U.S.-China tensions that usually reduce the precious metal's appeal as a safe haven. President Donald Trump appeared to soften his stance on his trade war with China on Tuesday, saying the U.S.'s 145% tariffs on Chinese imports would be reduced "substantially" once the two sides negotiate a deal. Additionally, gold has started to fall, likely on profit-taking, Fawad Razaqzada, market analyst at City Index and FOREX.com, said in an email. From a technical analysis perspective, there is support at the $3,300/oz level, Razaqzada added. Spot gold...
The USD/JPY pair struggled to regain ground on Tuesday, trading around the 142.00 mark during North American hours after bouncing off earlier lows near 140.65. The pair's modest rebound came as markets stabilized but its gains remained capped amid lingering concerns over the Federal Reserve's autonomy. President Donald Trump's continued attacks on Fed Chair Jerome Powell—whom he called a "big loser"—have shaken confidence in the greenback's credibility. White House officials have acknowledged that the administration is exploring legal avenues to remove Powell, adding to market jitters. The...
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...