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...
Oil prices rose on Thursday after heavy sell-offs drove the market to a multi-year low, however tariff uncertainties and a rising supply outlook capped gains. Brent futures were trading up 39 cents, or 0.56%, at $69.69 a barrel by 0416 GMT, while U.S. West Texas Intermediate crude (WTI) futures climbed 39 cents, or 0.59%, to $66.70 a barrel. Brent plunged 6.5% in the previous four sessions, dropping to its lowest since December 2021 on Wednesday, while WTI fell 5.8% over the same period to its lowest since May 2023. "The sharp dip in oil prices below the key $70.00 level may prompt a...
Silver (XAG/USD) attracts some sellers during the Asian session on Thursday and erodes a part of its weekly gains registered over the past three days. The white metal currently trades above mid-$32.00s, down 0.35% for the day, though the near-term bias seems tilted in favor of bullish traders and supports prospects for a further appreciating move. From a technical perspective, the XAG/USD showed some resilience below the 100-day Exponential Moving Average (EMA) last Friday. Moreover, oscillators on the daily chart have again started gaining positive traction on the daily chart and validate...
Gold price (XAU/USD) trades with a positive bias during the Asian session on Thursday and remains close to a one-week high touched on the previous day, though it lacks follow-through buying. Investors remain concerned about US President Donald Trump's tariff measures, which continue to act as a tailwind for the safe-haven bullion. Furthermore, the possibility of an earlier-than-expected interest rate cut by the Federal Reserve (Fed) and the bearish sentiment surrounding the US Dollar (USD) turn out to be other factors lending support to the non-yielding yellow metal. However, a generally...
Gold rose above $2,920 per ounce on Thursday, near record highs, supported by a weaker US dollar and safe-haven demand amid US trade policy uncertainties. President Donald Trump temporarily exempted US automakers from his 25% tariffs on Canada and Mexico for one month and signaled openness to further adjustments. A US official also suggested Trump may remove the 10% tariff on Canadian energy imports that meet trade agreement rules. However, fresh US tariffs on Canada, Mexico, and China have triggered retaliatory measures, and China has filed a revised WTO consultation request over the...
The Australian Dollar (AUD) holds ground for the fourth consecutive day on Thursday. The AUD/USD pair gains ground as the US Dollar (USD) remains subdued amid improved risk sentiment, following another shift in US President Donald Trump's tariff strategy. The White House announced on Wednesday that President Trump is temporarily exempting automakers from newly imposed import tariffs on Mexico and Canada for one month. Additionally, Trump is considering excluding certain agricultural products from tariffs on Canada and Mexico, according to a Bloomberg reporter on X late Wednesday. Source:...
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...