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's price (XAU/USD) has no limit and rallies for a fifth consecutive day in a row on Wednesday, accounting for more than 2% of gains this week and hitting fresh all-time highs near $2,870. Softer economic data from the United States (US), which further supports the case for another rate cut from the Federal Reserve (Fed), together with quickly fading tariff fears, is lifting Gold to higher levels day by day. On the economic data front, the calendar could become an additional tailwind for Gold to stretch even higher. This Wednesday, US Purchasing Managers Index (PMI) data for January will...
The dollar fell versus all Group-of-10 peers as tariff risks remain in the background, while the yen led gains following data pointing to more interest rate increases by the Bank of Japan. The Bloomberg Dollar Spot Index drops 0.3% to its lowest since Jan. 27; the yield on 10-year Treasuries slips 3bps to 4.48%. The move reflects unwinds of longs built on tariff risks and meets spillover of yen strength. USD/JPY drops 1.1% to 152.65, its lowest since Dec. 13; one-week risk reversals are little changed at 140bps, puts over calls Japan nominal wages rose 4.8% in December from a year...
Silver surged above $32 per ounce on Wednesday, hitting a three-month high as global trade and economic uncertainties fueled safe-haven demand for precious metals. The metal also benefited from a sharp pullback in the dollar. Earlier this week, the US delayed its planned 25% tariffs on Mexico and Canada for one month but proceeded with the imposition of 10% tariffs on China. Beijing retaliated with its own tariffs on select US exports and targeted several US firms for potential sanctions. On the supply side, the Silver Institute recently forecasted a fifth consecutive year of significant...
After weakening against its major peers on improving risk sentiment and disappointing US data on Tuesday, the US Dollar (USD) struggled to maintain its position on Wednesday morning. Later in the session, the US economic calendar will feature the ADP Employment Change and ISM Services Purchasing Managers' Index (PMI) data for January. Investors will also continue to watch comments from central bank officials throughout the day. The USD index fell about 0.4% on Tuesday after the US Bureau of Labor Statistics reported that JOLTS Job Openings fell to 7.6 million in December, below market...
Oil prices fell on Wednesday as rising US inventories and market concerns about a renewed China-US trade war offset President Donald Trump's renewed push to eliminate Iranian crude exports. Brent crude fell 21 cents, or 0.28%, to $75.99 a barrel by 0701 GMT. US West Texas Intermediate (WTI) crude fell 11 cents, or 0.15%, to $72.59. Crude prices traded in a wide range on Tuesday, with WTI down at one point as much as 3%, the lowest since December 31, after China announced tariffs on US oil, liquefied natural gas and coal imports in retaliation for US levies on Chinese exports. But prices...
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...