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...
Gold extends its Asian session retracement slide from the vicinity of the all-time peak and touches a fresh daily low, around the $4,331-4,330 region in the last hour. The US Dollar attracts buyers for the third straight day, and turns out to be a key factor that prompts some profit-taking amid still overbought conditions on the daily chart. A generally positive tone around the equity markets contributes to driving flows away from the safe-haven precious metal. However, concerns that a prolonged US government shutdown would affect the economy, along with dovish Federal Reserve (Fed)...
Silver dropped more than 5% below $50 per ounce on Tuesday, retreating further from record highs reached last week, as investors locked in profits following a sharp rally driven by macroeconomic and physical market factors. Safe-haven metals also faced pressure as risk appetite improved, supported by easing US-China trade tensions, hopes for an end to the US government shutdown, and solid corporate earnings. US President Donald Trump said he expects to reach a fair trade deal with China's President Xi Jinping during their upcoming meeting in South Korea. Meanwhile, traders await Friday's...
The British pound fell to around $1.34, its lowest in a week, after data showed the UK government borrowed £7.2 billion more than forecast in the first half of the fiscal year, underscoring the tough fiscal challenge facing Chancellor Rachel Reeves ahead of the November 26 budget. The budget deficit hit £99.8 billion, above the £92.6 billion projected by the OBR, as debt-interest costs surged 66% to £9.7 billion in September, the highest for that month on record.The deterioration, driven by high inflation, rising welfare costs, and weak tax receipts, raises fears that Reeves may need up to...
The euro continued to decline against the US dollar for the third consecutive day, driven by a strengthening dollar amid hopes that the US government shutdown would soon end. Furthermore, market expectations of a possible trade deal between the US and China also boosted demand for the dollar as a safe haven asset. Meanwhile, investors in Europe are still awaiting guidance from European Central Bank President Christine Lagarde regarding the direction of future interest rate policy. The market is also monitoring the impact of the Russian gas import ban on inflation in the eurozone. Although...
Gold is approaching a record high again after dip buying emerged following a sharp decline over the weekend. Prices are hovering around $4,365 per ounce, nearing the peak reached the previous day. Despite easing trade tensions and the prospect of the US government reopening soon, interest in safe-haven assets remains high. US Treasury yields fell on Monday as evidence of an oil surplus eased inflation concerns ahead of Friday's consumer price index release. Since early October, some official data has been delayed due to the government shutdown, forcing the market to rely more on alternative...
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...