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...
WTI crude oil futures rose to around $70.3 per barrel on Monday, buoyed by strong manufacturing data from China, the world's largest crude importer, as well as lingering U.S.-Ukraine tensions that could sustain supply disruptions. Data released on Saturday showed that China's manufacturing activity rose to a three-month high in February, fueling optimism about increased fuel demand. Additionally, the recent clash between Ukrainian President Volodymyr Zelenskyy and U.S. President Donald Trump added uncertainty on the prospects of a Russia-Ukraine peace deal. This raises the likelihood that...
The Japanese Yen (JPY) touches a one-week low, around the 151.00 mark against its American counterpart during the Asian session on Monday, though the downside remains limited amid hawkish Bank of Japan (BoJ) expectations. In fact, investors have been pricing in the possibility of more interest rate hikes by the BoJ, which pushed the yield on the benchmark 10-year Japanese government bond (JGB) to its highest level since November 2009. Apart from this, the emergence of some US Dollar (USD) selling acts as a headwind for the USD/JPY pair. Meanwhile, BoJ Governor Kazuo Ueda warned last week...
The dollar index slipped to around 107.2 on Monday, ending a three-day winning streak, as the euro strengthened following renewed optimism about a potential resolution to the Ukraine conflict. Ukrainian President Volodymyr Zelenskyy announced on Sunday that European leaders had agreed to draft a peace plan to present to Washington, just days after he was unable to reach a deal with US President Donald Trump in the Oval Office. The dollar also lost some ground after US Commerce Secretary Howard Lutnick stated on Sunday that tariffs against Mexico and Canada remain "fluid," suggesting they...
Gold rose to around $2,870 per ounce on Monday, as concerns over U.S. President Donald Trump tariff policies prompted safe-haven flows into bullion. Trump's proposed tariffs on Mexican and Canadian goods, set to take effect on March 4, alongside an additional 10% duty on Chinese goods, have fueled concerns over potential retaliatory measures and broader trade tensions. The inflationary impact of these actions also supports gold, which is often seen as a hedge against rising prices. Adding to its appeal, the U.S. dollar retreated from a two-week high, making the metal less expensive for...
The Australian Dollar (AUD) halted its six-day losing streak on Monday, buoyed by a weaker US Dollar (USD) following the release of January's Personal Consumption Expenditures (PCE) inflation data on Friday. The report aligned with expectations, easing fears of unexpected inflation spikes in the US. Australia's TD-MI Inflation Gauge fell by 0.2% month-over-month in February, reversing a 0.1% rise in January. This marked the first decline since last August and followed the Reserve Bank of Australia's (RBA) decision to cut its cash rate by 25 basis points to 4.1% during its first monetary...
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...