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 pound rose above $1.30 for the first time since November on bets UK interest rates will stay above those of other major currencies this year. Sterling rose 0.1% on Tuesday to $1.3001, also supported by a broadly weaker dollar amid concerns about U.S. economic growth and uncertainty over the outlook for trade tariffs. The currency has gained nearly 4% this quarter. The Bank of England meets this week and is widely expected to keep interest rates unchanged at 4.5%, as rising inflation and geopolitical uncertainty support a gradual pace of easing. Traders see the BOE lowering borrowing...
Gold price (XAU/USD) retains its bullish bias through the early European session on Tuesday and currently trades around the $3,010 area or the all-time peak. Persistent uncertainty over US President Donald Trump's policies, US recession fears, and geopolitical risks continue to push the safe-haven precious metal higher for the second straight day. This also marks the fifth day of a positive move for the commodity in the previous six and is further fueled by expectations that the Federal Reserve (Fed) will lower borrowing costs several times this year. The XAU/USD bulls, meanwhile, seem...
The Japanese Yen (JPY) extends its steady intraday descent through the early European session on Tuesday, lifting the USD/JPY pair to a fresh two-week high, around the 149.85 region in the last hour. The global risk sentiment remains well supported by the optimism over China's stimulus measures and hopes for a Ukraine peak deal, which, in turn, is seen undermining the safe-haven JPY. Apart from this, a modest US Dollar (USD) recovery from a multi-month low touched on Monday lends additional support to the currency pair. Meanwhile, the markets have been pricing in the possibility that the...
Silver price (XAG/USD) extends its upside to around $33.90, its highest level since October 30, 2024, during the Asian trading hours on Tuesday, bolstered by the weaker US Dollar (USD). The escalating geopolitical tensions in the Middle East, economic uncertainty and growing industrial demand provide some support to the white metal. The mounting fears of a recession in the United States (US) and persistent uncertainty over trade relations weigh on investor sentiment, boosting safe-haven assets like Silver. Late Monday, US President Donald Trump said that he would be imposing both broad...
Oil prices rose slightly on Tuesday, supported by instability in the Middle East as well as China's stimulus plans and data, although global growth concerns, U.S. tariffs and Russia-Ukraine ceasefire talks curbed gains. Brent futures ticked up 17 cents, or 0.2%, to stand at $71.24 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $67.72 a barrel. "Along with U.S. strikes on the Houthis in Yemen, several factors provided support to the market," ING analysts said in a research note. "China unveiled plans to revive consumption, while Chinese...
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...