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 briefly touched the 1.3200 level for the first time in six months on Thursday (03/4), climbing to a new high as the greenback turned sour across the board. The Trump administration's "reciprocal" tariffs and fixed tariffs have shaken market sentiment, although a delayed reaction to the tariff announcement came after the US market closed on Wednesday. Forex Today: US NFP to take centre stage The UK economic data schedule is relatively quiet this week, but a fresh report on US Nonfarm Payrolls (NFP) is due on Friday. The NFP data could have a significant impact on markets as the US...
During the Thursday (03/4) session, the USD/CHF pair experienced a sharp decline, falling to the 0.8600 region and marking its weakest level in almost six months. The bearish move came amid a broad-based US dollar weakness following President Donald Trump's aggressive announcement of reciprocal import tariffs. The US Dollar Index (DXY) took a heavy hit, falling decisively as traders fled US assets and reallocated portfolios away from the Greenback. Meanwhile, oversold signals from momentum indicators suggest the pair may be poised for a comeback. Tariff shock hits US dollar President...
Oil prices plunged on Thursday (03/4) and closed with their biggest percentage drop since 2022, after OPEC+ agreed to a surprise output increase a day after U.S. President Donald Trump announced sweeping new import tariffs Brent crude futures settled at $70.14 a barrel, down $4.81, or 6.42%. U.S. West Texas Intermediate crude <CLc1> settled at $66.95 a barrel, down $4.76, or 6.64%. Brent was on track for its biggest percentage drop since Aug. 1, 2022, and WTI was on track for its biggest drop since July 11, 2022. At a ministerial meeting on Thursday, OPEC+ nations agreed to advance...
Gold prices pared losses on Thursday after falling more than 2% from an all-time high, as a broad market sell-off triggered by U.S. President Donald Trump's tariffs on imports caught up with bullion traders. Spot gold fell 0.85% to $3,106.99 by 1:47 a.m. EDT (1747 GMT) after hitting a record high of $3,167.57 earlier in the session. U.S. gold futures settled 1.4% lower at $3,121.70 Traders attributed the decline to some profit-taking and margin calls in other asset classes that likely prompted investors to sell some of their gold holdings to cover losses. "When the market sells off on...
Silver prices fell nearly 5% during North American trading hours on Thursday (03/4), testing the sub-$32.00 region. The white metal prices became vulnerable after United States (US) President Donald Trump unveiled a detailed reciprocal tariff plan for its trading partners. The "Buy the Rumor, Sell the News" indicator forced traders to trigger the sell button for Silver prices. The metal had previously performed strongly, along with Gold, over the past few months as investors grew convinced that Trump's tariffs would be inflationary and weigh on economic growth globally, including in the US....
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...