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...
GBP/USD pair extends its upside to near 1.3350 during the early Asian session on Monday. The uptick of the major pair is bolstered by the softer US Dollar (USD) broadly as traders become increasingly confident that the economic policies of US President Donald Trump will lead the economy to a recession. UK Prime Minister Keir Starmer and US President Donald Trump discussed "ongoing and productive" trade talks in their first call since Trump imposed tariffs on UK goods. According to a Downing Street official, Starmer emphasized his commitment to "free and open trade and the importance of...
Gold price drifts higher to a fresh record high near $3,375 in the Asian session on Monday after facing some profit-taking due to the long weekend. Uncertainty about US President Donald Trump's tariff policies and persistent geopolitical tensions continue to underpin the precious metal. Gold price retreated further from its record high on Thursday, trading as low as $3,284.10 early in the American session. The US Dollar (USD) maintained its bearish bias against all major rivals throughout the day, with XAU/USD easing on the back of profit-taking. The pair, however, bounced from the mentioned...
The US dollar index fell to around 98.6 on Monday, marking a fresh three-year low, as growing concerns over the Federal Reserve's independence weighed on sentiment. The drop followed President Donald Trump's renewed threats to dismiss Fed Chair Jerome Powell, stating last week that Powell's removal "cannot come fast enough" while pressuring the central bank to cut interest rates. The remarks added to market unease surrounding escalating trade tensions and policy uncertainty under the Trump administration. Over the weekend, Chicago Fed President Austan Goolsbee warned that tariffs could cause...
EUR/USD pair breaks out through a multi-day-old trading range and touches a fresh high since February 2022, around the 1.1485 area during the Asian session on Monday. The momentum is sponsored by the bearish sentiment surrounding the US Dollar (USD), which supports prospects for an extension of the recent well-established uptrend. Despite hawkish comments from Federal Reserve (Fed) Chair Jerome Powell, the uncertainty over US President Donald Trump's trade policies continues to undermine the Greenback. Powell said last Wednesday that the Fed is likely to keep its benchmark interest rate...
Oil prices fell about 1% on Monday after nuclear talks between the United States and Iran progressed, reducing the concerns that the dispute will reduce supply from the major Middle Eastern producer. Brent crude futures slipped 70 cents, or 1.03%, to $67.26 a barrel at 0030 GMT after closing up 3.2% on Thursday. U.S. West Texas Intermediate crude was at $64 a barrel, down 68 cents, 1.05%, after settling up 3.54% in the previous session. Thursday was the last settlement day last week because of the Good Friday holiday. The U.S. and Iran agreed on Saturday to begin drawing up a framework for...
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...