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) eased after hitting a fresh multi-month high against its US counterpart during the Asian session on Thursday (4/17), although a meaningful decline seems elusive. A slight improvement in the global risk sentiment – as depicted by a generally positive tone around equity markets – was seen undermining the safe-haven JPY. This, along with a modest uptick in the US Dollar (USD) from near multi-year lows contributed to the USD/JPY pair's intraday recovery of over 100 pips from the 141.60 region. However, uncertainty surrounding US President Donald Trump's tariff...
The Australian Dollar (AUD) traded lower against the US Dollar (USD), ending a six-day winning streak. The AUD/USD pair remained pressured after the release of Australian jobs data on Thursday (4/17), which showed the Unemployment Rate rose to 4.1% in March, slightly below market estimates of 4.2%. Meanwhile, the Employment Change came in at 32.2K, compared to consensus estimates of 40K. The AUD gained support from improved global risk sentiment after US President Donald Trump announced exemptions for key technology products from newly proposed "reciprocal" tariffs. The exemptions, which...
Silver (XAG/USD) traded around $32.30 per troy ounce during the Asian session on Thursday (4/17), paring some of its gains from the previous day. The precious metal came under pressure as global risk sentiment improved following US President Donald Trump's announcement of exemptions for key technology products from newly proposed "reciprocal" tariffs. The exemptions, which cover smartphones, computers, semiconductors, solar cells, and flat-panel displays, primarily benefit goods manufactured in China. However, Silver's downside remained limited as Trump simultaneously launched an...
The EUR/USD pair traded flat near 1.1400 during the early Asian session on Thursday (4/17). Markets remained cautious as traders wait to see if the US President Donald Trump administration reaches a new trade deal with its partners. The European Central Bank (ECB) interest rate decision will be the focus later on Thursday. Federal Reserve (Fed) Chairman Jerome Powell said on Wednesday that trade tensions risk undermining the Fed's employment and inflation goals. Powell added that US economic growth appears to be slowing, with consumer spending growing modestly, a rush of imports to avoid...
Gold rises in the early Asian session, buoyed by likely safe-haven demand after Fed Chair Powell warned overnight of economic risks. "The outlook for gold remains constructive, supported by a robust mix of macroeconomic and geopolitical factors that reinforce its intrinsic value as a store of value and diversification asset in uncertain times," Pepperstone's Quasar Elizundia says in an email. If current conditions continue, gold's medium- to long-term target is projected around $3,734/oz, the research strategist adds. Spot gold is 0.3% higher at $3,350.88/oz after earlier touching a record...
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...