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) oscillates in a narrow band during the Asian session on Friday and currently trades above mid-$32.00s, near its highest level in over a week touched the previous day. Moreover, the near-term bias seems tilted in favor of bullish traders and supports prospects for an extension of the weekly uptrend. The recent bounce from sub-$31.00 levels, nearing the 100-day Exponential Moving Average (EMA), and the fact that oscillators on the daily chart have just started gaining positive traction validate the constructive outlook for the XAG/USD. Hence, some follow-through strength...
The Japanese Yen (JPY) retains its positive bias for the third straight day against a broadly weaker US Dollar (USD) and keeps the USD/JPY pair close to its lowest level since early October during the Asian session on Friday. The growing acceptance that the Bank of Japan (BoJ) will continue to raise interest rates has been exerting upward pressure on Japanese government bond (JGB) yields. The resultant narrowing of the rate differential between Japan and other countries continues to act as a tailwind for the lower-yielding JPY. Moreover, the uncertainty surrounding US President Donald...
Gold traded around $2,900 per ounce on Friday, heading for a weekly gain, supported by its safe-haven appeal amid shifting global trade policies. While President Donald Trump paused the 25% tariffs imposed this week on most goods from Canada and Mexico, Canada's initial retaliatory tariffs remain, and China's measures take effect next week. Meanwhile, US jobs data painted a mixed picture, with the Challenger report showing layoffs surged to a 2020 high, while jobless claims dropped more than expected last week. These reports precede today's non-farm payrolls release, which could offer a...
Hong Kong stocks fell by 51 points or 0.2% to 24,324 in early trading on Friday, breaking a three-day winning streak amid losses mainly from financials. Markets pulled back from their highest in over three years following an overnight slump on Wall Street, due to uncertainty over US trade policy. This was particularly driven by President Donald Trump's decision to delay levies on Mexican and Canadian goods covered by the North American trade agreement. Also, caution grew ahead of key data from China, including January-February trade data later today, alongside CPI and PPI readings over the...
The dollar index stabilized above 104 on Friday as investors looked ahead to the highly anticipated monthly jobs report for further insights into the economy's health. The dollar also found support after President Donald Trump temporarily exempted certain Canadian and Mexican goods from the 25% tariffs imposed earlier in the week, raising hopes for additional concessions. However, the index remains on track to lose more than 3% for the week, as the escalating trade war stoked concerns about the potential negative impact on the US economy, particularly given the heavy reliance of many 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...