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 extended its gains for the third straight session, trading around $32.00 during Asian hours on Wednesday. The demand outlook for precious metals, including Silver, in the world's largest raw material consumer has improved following news of potential economic stimulus from China. The Politburo announced plans to adopt a "moderately loose" monetary policy and a "more proactive" approach to fiscal stimulus next year, marking a shift from the more cautious tone of the past decade. Silver prices are getting support from the increasing odds of the US Federal Reserve (Fed)...
The dollar index held steady around 106.3 on Wednesday, after three straight days of gains, as investors braced for a crucial US inflation report that could have a significant impact on Federal Reserve policy. A higher-than-expected inflation reading could delay the Fed's plans to reduce borrowing costs, potentially supporting the US dollar. That said, markets are currently pricing in an 86% chance of a 25 basis point rate cut by the Fed later this month, although the outlook for 2025 remains highly uncertain. Traders are also eyeing interest rate decisions from the Bank of Canada and the...
The Australian Dollar (AUD) hovers against the US Dollar (USD) on Wednesday after experiencing losses in the previous session. The AUD/USD pair faced challenges, driven by the broadly stronger US dollar (USD). Traders now focus on the release of crucial US November Consumer Price Index (CPI) data, which are expected to be released later in the North American session. The US CPI inflation is estimated to rise to 2.7% YoY in November from 2.6% in October. Meanwhile, the core CPI, excluding Food & Energy, is expected to increase 3.3% YoY. Any indications of stalled progress could...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.20 on Wednesday. The WTI price remains on the defensive amid a surprise climb in crude inventories and weak demand outlooks, particularly in China. However, the escalating geopolitical tensions in the Middle East might cap the downside for the WTI price. WTI prices edges lower after disappointing China's international trade data on Tuesday. China's exports rose 6.7% YoY in November, while Imports fell by 3.9% YoY during the same period. Both the readings came below the market consensus. Additionally, China...
EUR/USD shed close to 0.2% on Tuesday, chalking in a third straight declining trading day and testing down into the 1.0500 handle as the Euro's near-term bullish recovery fizzles out. Fiber is backsliding into a cautious stance ahead of a key US Consumer Price Index (CPI) inflation print due on Wednesday, with another rate call from the European Central Bank (ECB) just around the corner on Thursday. Wednesday's CPI inflation print, which serves as one of the last key data releases before the Federal Reserve's (Fed) last policy meeting in 2024. Signs that progress on inflation has stalled...
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...