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 bounced off after refreshing four-day lows and rose on Tuesday as United States (US) equities recovered following Monday's sell-off, while the precious metal benefited from safe-haven flows. Trade comments by US President Donald Trump keep investors nervous, which turned to the yellow metal, as XAU/USD is seen changing hands at $2,763, up by 0.88% at the time of writing.Scott Bessent, appointed by Trump as US Treasury Secretary, was approved by the Senate. He said that he supports universal tariffs on imports, which would start at 2.5% and could be gradually increased. However,...
Oil prices edged down on Tuesday, extending the previous day's losses, as concerns over disruption to Libyan oil loadings eased.Fears of weaker demand linked to soft economic data from China and rising temperatures elsewhere also pressured prices.Brent crude oil futures were down 11 cents, or 0.14%, at $76.97 per barrel. U.S. West Texas Intermediate crude futures were down 9 cents, or 0.12%, at $73.08.Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2. In Libya, local protesters prevented crude oil loadings on Tuesday at Es Sider and Ras Lanuf ports,...
The USD/CHF pair rebounds strongly, slightly above the key hurdle of 0.9050 in Tuesday's North American trading hours after a two-week-long correction to near 0.8965. The Swiss Franc pair strengthens as the US Dollar (USD) resumes its upside journey in a jittery market environment. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, soars to near 108.00. Investors rushed to the US Dollar as global technology stocks melted down on the assumption that Chinese DeepSeek's low-cost Artificial Intelligence (AI) model would reduce the technology gap between...
The Pound Sterling (GBP) faces pressure against its major peers in Tuesday's North American session. The British currency trades cautiously despite United Kingdom (UK) Prime Minister Keir Starmer's positive commentary on the economic outlook in an interview with Bloomberg on Tuesday. Starmer said that the number one priority of the Labour government is "growth" and the economy is starting to "turn around." On the outlook of trade relations with the United States (US), Starmer commented: "We've got a huge amount of trade between our two countries already and the base is there for even better...
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, extended its gains on Tuesday, consolidating above the psychological 108.00 level. Market sentiment soured after renewed concerns over tariffs and weak US economic data, including lower-than-expected Durable Goods Orders and declining Consumer Confidence. Despite these headwinds, the DXY managed to hold above its recent lows, signaling some resilience.Treasury Secretary Scott Bessent proposed incremental tariffs on all US imports, starting at 2.5%, triggering risk aversion in...
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...