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 prices dipped on Wednesday as the dollar ticked up, while investors tracked developments surrounding U.S. President Donald Trump's tariff plans, which could spark trade wars and stoke inflation. Spot gold fell 0.1% to $2,911.38 an ounce by 0723 GMT after shedding more than 2% on Tuesday. U.S. gold futures rose 0.2% to $2,923.40.The dollar index (.DXY), opens new tab inched higher from an 11-week low, helped by a rebound in short-term Treasury yields. A stronger dollar makes gold more expensive for foreign buyers. "A correction (in gold prices) towards $2,880 is possible in the next...
Silver fell to around $31.60 per ounce on Wednesday, marking its fourth straight decline amid demand uncertainties and robust supply. Profit-taking also weighed on silver prices, although the metal remains up about 10% year-to-date. Hecla Mining Company, the largest silver producer in the US, reported a 13% increase in silver output for 2024, mining 16.2 million ounces moz, the second-highest production level in its 134-year history. On the demand side, US silver coin purchases dropped 27% year-on-year in January to 3.5 moz, the lowest January demand since 2018. Meanwhile, softening US...
The dollar index rose 0.2% to around 106.5 on Wednesday, recovering some losses from the previous session as investors awaited crucial economic data to provide further clarity on the outlook. Markets are focused on the second estimate of fourth-quarter GDP growth, due Thursday, and the PCE price index report, set for Friday. The dollar faced pressure on Tuesday after data revealed US consumer confidence had dropped 7 points to an eight-month low of 98.3 in February, well below the forecasted 102.5, marking the third consecutive monthly decline. Growing economic concerns have led markets to...
Oil prices rose marginally on Wednesday, bouncing off two-month lows hit in the prior session after an industry group reported U.S. crude stockpiles fell last week. Brent crude rose 20 cents, or 0.3%, to $73.22 a barrel by 0430 GMT. U.S. West Texas Intermediate crude oil futures were up 18 cents, or 0.3%, to $69.11. U.S. crude stocks fell 640,000 barrels in the week ended February 21, market sources said on Tuesday, citing American Petroleum Institute data. Official U.S. stockpile data is due later on Wednesday. [API/S] [EIA/S] "If confirmed by the EIA later today, it would mark the first...
EUR/USD retraces its recent gains registered in the previous session, trading around 1.0500 during the Asian hours on Wednesday. The currency pair loses ground as the US Dollar (USD) appreciates amid improving US Treasury yields. The US Dollar Index (DXY), which measures the USD against six major currencies, rises to near 106.50 with 2-year and 10-year yields on US Treasury bonds improving to 4.12% and 4.32%, respectively, at the time of writing.However, weakening US economic data put pressure on the Greenback. The Conference Board's consumer confidence index fell by 7 points in February to...
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...