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...
Gold price climbs amid a soft US Dollar (USD) as the trade war between the United States (US), Canada, Mexico and China escalates with new tariffs taking effect on Tuesday. Therefore, the plunge of the USD underpins the precious metal. The XAU/USD is trading at $2,918, gaining 0.62%. Market sentiment remains downbeat after 25% tariffs on Canada and Mexico and an additional 10% duties in China took effect around midnight. Consequently, traders seeking safety pushed Bullion prices higher on increased demand, while the Greenback dropped across the board.Meanwhile, recently revealed US data...
The US Dollar Index (DXY), which measures the Greenback's value against six major currencies, suffers another leg lower on Tuesday, adding to Monday's losses and losing the key support of 106.00. Investors dumped the US Dollar after the US confirmed new tariffs on Canada, Mexico, and China with no last-minute extensions granted. As Canada and China announced countermeasures, further stoking market volatility.US Dollar tumbles amid tariff battleCanada retaliates with 25% tariffs on US goods worth C$30 billion with more to come in three weeks. In line, China pushes back on US tariffs, adding...
Silver (XAG/USD) prices were trading 0.5% higher around $32.00 during North American trading hours on Tuesday (04/03). The white metal showed strength as the trade war between the United States (US) and other North American countries, as well as China, has escalated. Canada, Mexico, and China have all hinted at retaliatory tariffs on US imports. On Monday, US President Donald Trump confirmed that tariffs of 25% on Canada and Mexico, and 10% on China would go into effect on Tuesday. Earlier in the day, Canadian Prime Minister Justin Trudeau said that Canada would impose "retaliatory tariffs...
Gold futures rose, gaining on market volatility. Futures were up 1.1% at $2,933 a troy ounce. The precious metal is once again approaching its all-time record of $2,974/oz set in late February. Gold has risen as weak manufacturing data has added to concerns about growth, with President Trump's tariff policies set to worsen the slowdown, SP Angel analysts said in a note. Trade tensions continue to escalate between the U.S. and China following the imposition of U.S. tariffs and Chinese retaliatory levies, which is likely to support gold prices, SP Angel said. Speculation is mounting that...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, weakened again on Tuesday (04/03) after US President Donald Trump confirmed that tariffs on Canada, Mexico and China would not be postponed. Markets remained skeptical on Monday whether President Trump would allow an extension before the deadline. However, it is not surprising that the US has imposed tariffs that have been set previously. Meanwhile, Canada and China have rejected unilateral US tariffs. On Monday night, Canadian Prime Minister Justin Trudeau announced retaliatory...
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...