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 is posting moderate gains on Friday, trading near 1.1675 at the time of writing on Friday from 1.1645 daily lows, but remains on track for a 0.55% weekly decline. In the United States (US), a batch of upbeat macroeconomic figures eased concerns about an economic downturn on Thursday, while in Europe, data have been uninspiring this week. To make matters worse, US President Donald Trump rattled markets with a new round of tariffs. Data from the US Bureau of Economic Analysis revealed that the Gross Domestic Product (GDP) grew at a stronger pace than previously estimated in the second...
Silver slipped below $45 per ounce on Friday, easing from 14-year highs as the dollar strengthened following upbeat US data that tempered bets for deeper Federal Reserve rate cuts. Thursday's reports showed weekly jobless claims fell to 218K, highlighting labor market resilience, while second-quarter GDP growth was revised sharply higher to an annualized 3.8%, the fastest in nearly two years. Markets still expect a quarter-point Fed cut in October, though easing priced in for the year has narrowed to 39 basis points from about 43 earlier this week. Despite the pullback, silver remains up...
The USD/CHF pair demonstrates strength near its over two-week high around 0.8000 during Friday's late Asian session, posted on Thursday. The Swiss Franc pair gained sharply on Thursday as the US Dollar (USD) extended its upside, following the release of the upbeat revised United States (US) Q2 Gross Domestic Product (GDP) and a decline in Initial Jobless Claims for the week ending September 20. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, holds onto gains near the four-week high around 98.60. On Thursday, revised Q2 GDP data showed that the...
Gold edged lower on Friday after stronger-than-expected U.S. economic data reduced expectations for further easing this year, bolstering the dollar ahead of a key inflation report due later in the day. Spot gold was down 0.1% at $3,745.67 per ounce, as of 0409 GMT, but up 1.6% so far this week. U.S. gold futures for December delivery were steady at $3,774.80. The U.S. dollar index, opens new tab hovered near a three-week high, and was headed for a weekly gain, making greenback-priced bullion more expensive for overseas buyers. "The dollar's return to form stands as a potential obstacle...
The dollar held on to steep gains on Friday after better-than-forecast U.S. data dampened expectations for further easing by the Federal Reserve this year. The dollar index , which measures the greenback against major peers, was poised for its biggest weekly advance in two months after figures on U.S. economic growth, unemployment claims, durable goods and wholesale inventories all beat expectations on Thursday. The yen traded at an eight-week low following a new raft of tariffs announced by U.S. President Donald Trump. Attention now turns to the release of U.S. consumer spending data...
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...