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 price (XAG/USD) extends its gains for the third successive day, trading around $29.60 per troy ounce during the Asian hours on Friday. This sustained rally is attributed to strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the prolonged Russia-Ukraine conflict. Axios referenced three sources, indicating that US President Joe Biden reportedly explored contingency plans to target Iran's nuclear facilities if Tehran advanced significantly in developing a nuclear bomb before Donald Trump's inauguration on January 20. These talks underscore the growing...
The Australian Dollar (AUD) extends its gains for the second successive session against the US Dollar (USD) on Friday. The AUD gained support following a Financial Times report stating that the People's Bank of China (PBoC) expects an interest rate cut this year at an appropriate time. As close trade partners, any fluctuations in China's economy tend to impact Australian markets. The AUD/USD pair appreciates as the Australian Dollar recovers from two-year lows as stronger commodity prices provide support, particularly Oil and Gold, benefiting Australia's position as a major exporter of...
A gauge of the dollar weakened for the first time in eight sessions before ISM manufacturing data that's likely to provide more clues on the health of the US economy. Bloomberg Dollar Spot Index slipped 0.1%, with Australia and New Zealand's currencies leading gains against the greenback. "Dollar is getting marginally sold in thin trading as traders try not to over-read markets ahead of ISM," said Christopher Wong, strategist at Oversea-Chinese Banking Corp. "Apart from the small selloff this morning, the dollar remains broadly firmer, with the DXY above 109...
Gold edged up on Friday on a softer U.S. dollar and safe haven flows, with the metal en-route for a weekly gain as attention turned to U.S. President-elect Donald Trump's proposed policy changes that could influence the economic and interest rate outlook going forward. Spot gold was up 0.2% at $2,661.19 per ounce, as of 0257 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.6% for the week so far. U.S. gold futures rose 0.2% to $2,675.40. The dollar index DXY fell 0.2%, making dollar-priced bullion more affordable for holders of other currencies. "We have seen an...
Gold was on track for its biggest weekly gain since November, as broad risk-off sentiment buoyed demand for haven assets. Bullion was trading near $2,660 an ounce after climbing 1.3% on Thursday, with investors monitoring increasing concerns over near-term volatility in stock markets. The Cboe's VIX Index climbed for the fourth time in five days, helping to underscore the appeal of safe assets such as gold. Meanwhile, a pair of deadly attacks in the US this week further compounded market angst, sparking domestic security concerns ahead of Donald Trump's official return...
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...