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...
Silver prices slid over 1% to dip below $33.50 per ounce on Thursday, reaching a one-week low as traders grappled with market uncertainties following US President Donald Trump's sweeping tariff measures. Trump imposed a 10% baseline tariff on all imports, with steeper levies targeting major trading partners such as China (34%), the EU (20%), and Japan (24%). Additionally, a 25% tariff on foreign-made automobiles took immediate effect. Defending the move, Trump framed the tariffs as a strategy to bolster domestic manufacturing and reduce trade deficits. While gold surged to a record high in...
The Pound Sterling (GBP) surges above 1.3100 against the US Dollar (USD) during the European trading hours on Thursday, the highest level seen in almost six months. The GBP/USD pair soars as the US Dollar plummets after United States (US) President Donald Trump unveils worse-than-expected tariffs for his trading partners. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, tumbles to near 102.70. US President Trump announced a 10% baseline duty on all products entering the US and additional specific levies on the majority of its trading allies, which...
Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by U.S. President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war. Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57. U.S. gold futures fell 0.7% to $3,145.00. Trump unveiled on Wednesday a 10% baseline tariff on all imports to the U.S., and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade...
The dollar index fell below 103 on Thursday, hitting its lowest level in nearly six months as traders digested President Donald Trump's sweeping tariff measures. Late Wednesday, Trump announced a comprehensive tariff package aimed at reshaping US trade relationships. The measures include a 10% baseline tariff on all imports, with higher rates for key trade partners, such as China (34%), the European Union (20%), and Japan (24%). Additionally, a 25% tariff on all foreign-made automobiles took immediate effect. Meanwhile, fresh economic data painted a mixed picture. The ADP report showed a...
Gold price (XAU/USD) shot to a fresh record high during the Asian session on Thursday as investors rushed to take refuge in traditional safe-haven assets amid the risk-off impulse. US President Donald Trump announced sweeping reciprocal tariffs on Wednesday evening, sparking concerns about global economic growth and a recession in the US. This, in turn, sparked a severe risk-off move, which is evident from a sea of red across the equity markets, and provided a strong boost to bullion. Meanwhile, the anti-risk flow, along with the growing acceptance that a tariff-driven US economic slowdown,...
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...