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 U.S. dollar rose on Friday, a day after falling on a surge in U.S. jobless claims and modest inflation, as investors expected the Federal Reserve to cut interest rates next week after a roughly nine-month hiatus. The greenback rose 0.3% to 147.66 yen, on track for its largest percentage gain in 10 days, after rising for three straight weeks. The dollar firmed earlier on Friday after a U.S.-Japanese joint statement affirmed exchange rates should be "market determined" and that excess volatility and disorderly moves in exchange rates were undesirable. The dollar index was up 0.1% at...
Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on Thursday. The attacks have halted operations at Primorsk, the region's main oil loading port, and three pumping stations that deliver crude to the Ust-Luga hub, a source familiar with the situation said. This increased risk premium offsets the International Energy Agency's (IEA) projection for a record-breaking oil supply surplus next year. The IEA's...
The EUR/USD pair lost ground early in the European session and retreated to levels near 1.1700, amid volatile and volatile trading on Friday. Comments from ECB official Olly Rehn, who warned of downside risks to inflation, failed to support the euro (EUR), which remained weighed down by a stronger US dollar. On Thursday, the ECB maintained its Deposit Facility rate at 2%, and President Christine Lagarde said that "risks to economic growth have become more balanced." These comments dampened market expectations of further rate cuts in the near future and provided a significant boost to the...
Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel at 08:54 GMT, and U.S. West Texas Intermediate crude rose 4 cents to $62.41. Brent and WTI benchmarks fell 1.7% and 2%, respectively, on Thursday. The International Energy Agency's monthly report on Thursday stated that global oil supply will rise faster than expected this year due to planned production increases by the OPEC+ group,...
Gold (XAU/USD) trims a part of its intraday gains, though it sticks to positive bias through the first half of the European session on Friday and remains close to the record high touched earlier this week. Softer labor market data overshadowed a higher-than-expected US consumer inflation reading on Thursday and lifted bets for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, keeps the US Dollar (USD) depressed near its lowest level since July 24 and continues to benefit the non-yielding yellow metal. Apart from this, political turmoil in France and Japan, along...
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...