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) holds ground against the US Dollar (USD) on Friday after two days of losses. The AUD/USD pair depreciated as the Greenback received support from the stronger-than-expected economic data from the United States (US). The AUD also faced downward pressure from risk aversion after the US President Donald Trump shared plans to impose a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless a pharmaceutical company is building a manufacturing plant in the US, per Reuters. Australia's Monthly Consumer Price Index (CPI), which...
Oil headed for its biggest weekly gain in more than three months as US President Donald Trump increased pressure on buyers of Russian energy in a bid to end the war in Ukraine. West Texas Intermediate traded above $65 a barrel after little changed on Thursday while Brent closed above $69. Trump pressed Turkish President Recep Tayyip Erdogan to stop buying oil from Russia and discussed energy security with Hungarian Prime Minister Viktor Orban, after he earlier this week rebuked NATO members for buying fuel from the OPEC+ producer. That comes as Russia's...
Gold edges lower in early Asian trade on possible position adjustments ahead of major U.S. economic data due later today. Investors are turning to the August PCE inflation report for confirmation of the Fed's policy outlook, Kudotrade's Konstantinos Chrysikos says in an email. "Softer data could raise expectations of a dovish stance from the [U.S.] central bank and benefit non-yielding assets like gold," the head of Customer Relationship Management adds. Spot gold is 0.2% lower at $3,741.60/oz. Source: Dow Jones Newswires
The Australian Dollar (AUD) weakened against the US Dollar (USD) on Thursday, with the AUD/USD pair extending its decline for a second straight session and falling to its weakest level since September 5. This decline occurred as the greenback surged across the board after a series of stronger-than-expected US economic data bolstered confidence in the resilience of the world's largest economy and dampened risk sentiment. At the time of writing, AUD/USD was trading near 0.6536, down 0.70% on the day. Meanwhile, the US Dollar Index (DXY), which measures the greenback against a basket of six...
Oil prices held steady on Thursday after hitting a seven-week high in the previous session as Russia decided to limit fuel exports until the end of the year. However, the gains were capped by the latest US economic data that dampened optimism about further interest rate cuts. Brent crude futures closed 11 cents, or 0.16%, higher at $69.42 a barrel, while US West Texas Intermediate crude futures fell 1 cent, or 0.02%, to $64.98. Both benchmarks rose 2.5% on Wednesday, reaching their highest levels since August 1, driven by a surprise drop in weekly US crude inventories and concerns that...
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...