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 Australian Dollar (AUD) attempted to halt its losing streak against the US Dollar (USD) on Wednesday (13/11) following a radio interview with Australian Prime Minister Anthony Albanese. Albanese said he discussed trade with US President-elect Donald Trump during a phone call last week. Albanese told Trump that the United States has a trade surplus with Australia and stressed that Washington's best interest is to "trade fairly" with its allies. Meanwhile, the defense minister underlined Australia's significant investment in security. The AUD/USD pair remained subdued following the...
The Japanese Yen (JPY) remained on the back foot against its American rival and hit a fresh low since July 30 during the Asian session on Wednesday, albeit managing to defend the psychological 155.00 level. Growing market confidence that the Japanese political landscape could make it difficult for the Bank of Japan (BOJ) to raise interest rates again continued weighing on the JPY. Meanwhile, US President-elect Donald Trump's inflation rate, which could have a significant impact on Japanese exports, could limit the scope for the Federal Reserve (Fed) to cut interest rates. This remained...
Oil prices edged up on Wednesday on signs of short-term supply tightness but remained near a two-week low after OPEC lowered its forecast for global oil demand growth in 2024 and 2025. Brent crude futures were up 13 cents, or 0.18%, at $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.19%, at $68.25. But weaker demand projections and weakness in top consumer China continued to weigh on market sentiment. In its monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) said global oil demand will rise by...
Gold steadied near a seven-week low, with the precious metal remaining pressured after Donald Trump's election victory sparked a surge in the dollar. The greenback gauge has risen to its highest in nearly two years, making dollar-priced commodities like bullion more expensive for most buyers. Hedge funds have unwound bullish bets on the metal and exchange-traded fund flows have become less supportive amid a broad rotation into U.S. equities. Bullion has fallen 7% from an all-time high hit on Oct. 31, but is still up more than a quarter this year. Bullion has been supported by the Federal...
US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $68.00 on Wednesday (11/13). WTI prices edged lower after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024. OPEC's latest revision to demand growth put selling pressure on the black gold. OPEC said in its monthly report on Tuesday that global oil demand will rise by 1.82 million barrels per day (bps) in 2024, down from the 1.93 million bpd growth it expected last month. OPEC also lowered its estimate for global demand growth in 2025 to 1.54...
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...