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...
WTI crude oil futures rose above $71 per barrel on Tuesday, rising for the third consecutive session amid thin holiday trading. Traders are awaiting factory survey data from the US and China for insights into the demand outlook from these key consumers. Meanwhile, oil is on track for a modest annual loss of around 0.5% after months of being confined to a narrow trading range. The market is now bracing for a potentially turbulent year ahead, with concerns about a supply glut, geopolitical risks, and the potential impact of the incoming Trump administration on oil policy contributing to...
Gold is heading for one of its biggest annual gains this century, with a 26% advance that has been fueled by US monetary easing, sustained geopolitical risks, and a wave of purchases by central banks. While bullion has ticked lower since Donald Trump's sweeping victory in November's US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium's woes have deepened. The varied performances over 2024 highlight the absence of a single, over-riding driver that's steered the complex's...
Gold price (XAU/USD) falls to near the weekly low of $2,600 in Monday's North American session. The precious metal faces selling pressure as the US Dollar (USD) recovers intraday losses and turns positive, with the US Dollar Index (DXY) returning above 108.00. The higher US Dollar makes the Gold price an expensive bet for market participants. 10-year US Treasury yields tumbled to 4.55% on Monday. Lower yields on interest-bearing assets generally weigh on non-yielding assets, such as Gold, by increasing their opportunity costs. However, the relationship appears positive on Monday. The...
Silver price (XAG/USD) trades cautiously near Friday's low around $29.50 in thin volume conditions before New Year on Monday. The white metal is broadly under pressure as the outlook of the US Dollar (USD) remains firm on expectations that a moderate policy-easing cycle by the Federal Reserve (Fed) in 2025 will keep US Treasury yields elevated. 10-year US Treasury yields are down 0.5% in Monday's European session but are still almost 15% higher this calendar year near 4.60%. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, ticks lower but remains...
The USD/CHF pair trades with mild losses around 0.9020 amid the cautious mood during the early European trading hours on Monday. The trading volumes will be light in another holiday-shortened week as traders await the New Year holiday. On Friday, the US ISM Manufacturing Manufacturing Purchasing Managers Index (PMI) for December will be in the spotlight. The elevated inflation in the US and the concern that President-elect Donald Trump's policies could fuel inflation, the US Federal Reserve (Fed) signaled that it's likely to cut rates more gradually in 2025 than it had projected 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...