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 moved down from a record high early Thursday as traders take profits while the dollar rose to a two-month high. Spot Gold was last seen down 0,72% to $4,010.40 per ounce. The price of the precious metal has climbed 21% since Aug. 18 when it began to rise as U.S. President Donald Trump threatened the independence of the Federal Reserve, while the central bank signaled it was ready to begin lowering interest rates as the U.S. labor market weakened. Strong demand from central banks and exchange-traded funds have also offer support for the metal's record run. "Strong ETF inflows,...
The dollar weakened on Thursday (October 9th), for the first time this week; most G-10 currencies weakened on the day, with the Australian and Canadian dollars outperforming the rest. The Bloomberg Dollar Spot Index fell less than 0.1% USD/JPY rose for a sixth day to 152.79, the longest winning streak since December EUR/USD fell for a fourth straight day to 1.1611 GBP/USD fell for a third day to 1.3382 USD/CAD fell less than 0.1% to 1.3946, its first decline in three days The government shutdown delayed Thursday's release of US data covering initial and continuing jobless claims as...
Spot silver prices surged to their highest level in decades as surging demand for safe-haven assets exacerbated supply constraints in the London bullion market. The precious metal surged 2.3% past $50 an ounce on Thursday, its highest level since the Hunt Brothers' squeeze in the 1980s. Silver continued a surge that has lifted prices more than 70% this year, outpacing gold's record-breaking rally. This is part of a growing search for safe-haven assets fueled by concerns about fiscal risks in the US, an overheated equity market, and threats to the independence of the Federal...
Oil prices were little changed on Thursday (October 9) as investors weighed a ceasefire agreement in Gaza that could ease tensions in the Middle East against stalled peace talks in Ukraine that could extend sanctions on Russia and limit its exports. Brent crude futures fell 12 cents to $66.13 a barrel at 09:43 GMT. U.S. West Texas Intermediate crude fell 14 cents to $62.41. Egypt's government-affiliated Qahera TV reported that the ceasefire agreement between Israel and Hamas had officially taken effect just after midday in the region (09:00 GMT), when the rivals signed it in the Egyptian...
The US dollar strengthened on Thursday (October 9th), continuing its gains this week, driven by a weaker euro due to the political crisis in Paris and a weaker yen amid a change in the ruling party leadership in Japan. This week's markets were also overshadowed by the prolonged US government shutdown. The euro weakened following the resignation of French Prime Minister Sebastien Lecornu and his government earlier this week. However, President Emmanuel Macron still surprised markets with plans to appoint a new prime minister this week. The single currency last traded 0.2% lower at $1.1609,...
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...