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...
Silver (XAG/USD) prices rose near $31.30 during the European session on Friday. The white metal strengthened ahead of the United States (US) Nonfarm Payroll (NFP) data for December, due to be released at 13:30 GMT. The labor market data will influence market expectations on whether the Federal Reserve (Fed) will continue its cautious stance on further policy easing. The NFP report is expected to show that the US economy added 160,000 new jobs in December, down from 227,000 in November. The Unemployment Rate is expected to remain steady at 4.2%. Investors will also be watching the Average...
Brent crude rose more than 2% to above $78.50 a barrel on Friday, hitting its highest since October, boosted by a draw in U.S. crude stockpiles. Cold weather in the U.S. reduced inventory levels at Cushing, Oklahoma, to the lowest since 2014. Global oil markets are tight due to reduced supplies from major exporters such as Russia and Iran, as well as a surge in demand for heating fuel. The rise in oil prices is also linked to concerns about U.S. policy under President-elect Donald Trump, including potential sanctions on Iran and a trade conflict that could disrupt energy flows. Trump's...
The U.S. dollar rose on Friday, holding onto recent gains ahead of the highly influential monthly jobs report, while the pound continued to weaken. At 4 AM ET (0900 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% higher at 109.040, heading for a weekly gain of 0.3%. That would be its sixth straight weekly gain, the longest winning streak since an 11-week streak in 2023. Dollar holds strength ahead of payrolls announcement The dollar was trading near its strongest level since November 2022, holding onto recent gains as the U.S....
EUR/USD is trading quietly around 1.0300 during the European session on Friday. The major currency pair is trading cautiously as investors await the United States (US) Nonfarm Payrolls (NFP) data for December, due to be published at 13:30 GMT. Investors will be watching the official US jobs report as it will influence market expectations about when the Federal Reserve (Fed) will deliver its first interest rate cut this year. Economists expect 160,000 new workers to be added to the labor force in December, down from 227,000 in November. The Unemployment Rate is expected to remain steady at...
Gold (XAU/USD) prices extended its uptrend for the fourth straight day and climbed to four-week tops, around $2,678-$2,679 area during the early European session on Friday. Ongoing geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East, along with fears of a trade war and a generally softer risk tone, turned out to be key factors supporting the precious metal as a safe-haven. Further, expectations that Trump's expansionary policies will boost inflation further benefitted the precious metal's status as a hedge against rising prices. Source: FXStreet
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...