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 (XAG/USD) prices faced selling pressure near $32.70 during European trading hours on Friday (07/03). The white metal traded cautiously ahead of the United States (US) Nonfarm Payrolls (NFP) data for February, which will be published at 13:30 GMT. The US NFP data will significantly influence market expectations regarding the Federal Reserve's (Fed) monetary policy outlook. Upbeat labor market data will increase market speculation that the Fed will keep interest rates steady in the current range of 4.25%-4.50% for a longer period. Conversely, a weak figure will weaken it. Technically,...
Gold price (XAU/USD) builds on the steady intraday ascent through the first half of the European session and climbs back closer to the top end of its weekly range. The US Dollar (USD) selling bias remains unabated in the wake of rising bets that the Federal Reserve (Fed) will cut interest rates several times in 2025 amid worries about slowing US economic growth. This keeps the USD depressed near a multi-month low and turns out to be a key factor acting as a tailwind for the non-yielding yellow metal. Moreover, the uncertainty surrounding US President Donald Trump's trade policies and their...
Oil prices rose on Friday but fell for the biggest weekly drop since October as uncertainty over U.S. tariff policy raised concerns about demand growth at a time when major producers are preparing to increase output. Brent crude futures rose 50 cents, or 0.72%, to settle at $69.96 a barrel by 0746 GMT. U.S. West Texas Intermediate crude futures rose 47 cents, or 0.71%, to settle at $66.83 a barrel. But Brent fell 4.9% for the week, its biggest weekly drop since the week of Oct. 14. WTI is set to drop 4.8%, also its biggest weekly drop since that week. Markets, including oil, have been...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against six major currencies, continues its losing streak for the fifth consecutive day, pressured by declining US Treasury yields. Market expectations of more aggressive Federal Reserve (Fed) rate cuts amid concerns over US economic growth are contributing to the weakness. The DXY is trading around 103.90 with 2- and 10-year yields on US Treasury bonds standing at 3.94% and 4.24%, respectively, during the early European hours on Friday. Traders are closely watching global trade developments, particularly Canada's decision to delay...
Gold price (XAU/USD) continues with its struggle to attract any meaningful buyers, though it manages to hold above the $2,900 mark through the Asian session on Friday. Traders now seem reluctant and opt to wait for the release of the closely-watched US monthly employment details before placing fresh directional bets, leading to subdued range-bound price action for the second straight day. The popularly known Nonfarm Payrolls (NFP) report will influence the near-term US Dollar (USD) price dynamics and provide a fresh impetus to the commodity. In the meantime, the growing acceptance that...
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...