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...
The EUR/USD pair moved within a narrow range during the Asian session on Friday (November 14th). The pair appeared to be consolidating after a strong rally to a more than two-week high reached the previous day. Price-wise, EUR/USD remained around 1.1635, barely changing on the day and remaining just below the key 50-day moving average, which now serves as the upper limit that must be broken. On the US dollar side, pressure remains. The greenback struggled to attract buyers and remained near a two-week low due to concerns about the economic impact of the prolonged US government shutdown....
Oil headed for a third weekly loss after a slew of signs pointing to an oversupply, including a forecast from the International Energy Agency for a record surplus next year. West Texas Intermediate steadied below $59 a barrel, down by more than 1% this week, while Brent closed near $63. On Thursday, the IEA again raised its estimates for a glut as OPEC+ continues to revive supplies and demand growth remains subdued. The day before, the producer group said that global crude output had topped demand in the third quarter, revising its view from a shortfall. Offsetting some of...
Gold edges higher in the early Asian session on possible dip-buying after likely profit-taking. "People are still expecting to see continued central bank buying," says Fawad Razaqzada, market analyst for Global Macro at FOREX.com, in an email. However, "I would actually be on the lookout for a bit of profit-taking to take prices back down" to near $4,000/oz in coming days and weeks," Razaqzada says. Spot gold is 0.2% higher at $4,179.37/oz. Source: Dow Jones Newswires
Oil prices were relatively stable on Thursday (November 13) after falling about 4% in the previous session as investors weighed concerns about a global oversupply and the threat of sanctions against Russia's Lukoil. Brent crude futures rose 30 cents, or 0.5%, to $63.01 a barrel. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $58.69 a barrel, after falling 4.2% on Wednesday. "Oil prices around $60/barrel will receive considerable support, especially given the potential for short-term disruptions to Russian export flows once tighter sanctions are imposed," said Suvro Sarkar,...
Gold prices fell 1% on Thursday (November 13), retreating from a three-week high earlier in the session amid a broad market selloff following the US government reopening. Spot gold fell 1.1% to $4,151.86 an ounce at 2:16 p.m. EST (19:16 GMT). Elsewhere, spot silver fell 2.3% to $52.18 after hitting its highest level since October 17 earlier in the session. US gold futures for December delivery closed 0.5% lower at $4,194.50. The US government is set to resume operations after a record-breaking 43-day government shutdown, under an agreement that funds federal operations through January...
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...