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...
The Australian Dollar (AUD) edges lower against the US Dollar (USD) following the release of Judo Bank's Purchasing Managers Index (PMI) on Friday. However, the AUD/USD pair saw gains after US President Donald Trump announced potential progress in trade negotiations with China, easing market concerns over tariffs.Australia's Judo Bank Manufacturing PMI rose to 50.6 in February, up from 50.2 in January. The Services PMI improved to 51.4 from 51.2, while the Composite PMI edged up to 51.2 from 51.1. Reserve Bank of Australia (RBA) Governor Michele Bullock cautioned that easing monetary policy...
The yen shot to a 2-1/2 month high on Friday on the back of a jump in Japanese inflation, while the dollar was set for a third weekly drop in a row as traders calculated the start of Donald Trump's second term has been mostly bluster on the tariff front. The yen broke through chart resistance at 150 per dollar overnight and it strengthened as far as 149.285 per dollar in the Asia morning after Japan recorded core inflation running at its fastest pace for 19 months in January. The euro was up 0.8% overnight and was steady in Asia at $1.0498 with traders awaiting an election in Germany on...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, extended its decline on Thursday, sliding near 106.30. The decline followed US President Donald Trump's announcement of potential progress on a trade deal with China, which offered markets a temporary reprieve from tariff concerns. Despite the relief, weak US jobless claims data and mixed Federal Reserve (Fed) comments kept traders cautious. The US Dollar Index remains under pressure after falling below 106.50, with bearish momentum gaining strength. The index is struggling to reclaim its...
Gold prices pared some gains on Thursday after hitting another record high, but remained supported by a weaker dollar on concerns about the economy and U.S. tariffs. Spot gold rose 0.1% to $2,937.13 an ounce, but had hit a record high of $2,954.89 an ounce earlier in the session. Gold futures expiring in April rose 0.5% to $2,951.10 an ounce. Concerns over Trump's trade policies hit risk-driven markets on Thursday, boosting demand for safe-haven assets such as bullion and the yen. Uncertainty over U.S. policy has been a major driver of gold's recent gains. Other precious metals also...
Oil prices closed higher on Thursday, marking a third straight day of gains, after data showed a decline in U.S. gasoline and distillate draws, while concerns about supply disruptions in Russia also supported prices. Brent crude futures settled up 44 cents, or 0.58%, at $76.48 a barrel. U.S. West Texas Intermediate (WTI) crude for March delivery rose 32 cents, or 0.44%, to $72.57. The more actively traded April WTI contract rose 0.35% to $72.50 a barrel. U.S. crude stockpiles rose slightly more than expected while fuel inventories fell last week as seasonal refinery maintenance led 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...