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...
EUR/USD registers gains of over 0.20% on Monday amid worries of a possible government shutdown in the US, while data in the Eurozone, showed that sentiment improved but failed to propel the shared currency higher. At the time of writing, the pair trades at 1.1726 after hitting a daily low of 1.1701. Shared currency gains modestly as political gridlock in Washington undermines sentimentThe Greenback is on the backfoot against most G10 FX currencies as US President Donald Trump met with the two leaders of the Democrats of the House of Representatives and the Senate. US Senate Democrat...
Gold price advances close to 2% on Monday and trades near record highs of $3,833 as market participants seeking safety bought the yellow metal amid fears of a government shutdown in the United States. XAU/USD trades at $3,827 at the time of writing. Precious metal rallies to fresh record highs as Treasury yields plungeThe precious metal refreshed the all-time high of $3,791 hit on September 23, as the Greenback and US Treasury bond yields dive. Pessimism over an extension of government funding could trigger a federal shutdown and delay US economic reports like Friday's Nonfarm Payrolls...
Oil prices fell by nearly 3.5% on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq's Kurdistan region via Turkey raised the global supply outlook. Brent crude futures dropped $2.42, or 3.5%, to $67.71 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday. U.S. West Texas Intermediate crude was down $2.42, or 3.7%, at $63.32. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, is likely to approve another increase to crude oil production at its...
Gold (XAU/USD) shines bright at the start of the new week, climbing past $3,800 for the first time and reaching a fresh record high. The yellow metal continues its historic run, printing yet another all-time high near $3,831 on Monday. At the time of writing, XAU/USD is trading near $3,826, up around 1.70% on the day, extending its record-breaking rally into a seventh straight week. After spending much of last week consolidating just below the previous all-time high near $3,791, momentum returned on Friday following the release of the US Personal Consumption Expenditures (PCE) inflation...
The dollar weakened on Monday (September 29) amid concerns over a potential government shutdown, with the yen outperforming the euro ahead of a series of US economic data releases that could provide further clues about the direction of Federal Reserve policy. The dollar strengthened last week following economic data that pushed down expectations for a Fed rate cut. Traders now expect the Fed to ease policy by 40 basis points in December and a total of 105 basis points by the end of 2026, about 25 basis points lower than the levels seen in mid-September. US GOVERNMENT SHUTDOWN PARTIALLY...
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...