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...
Oil prices continued their rally on Tuesday (September 9), driven by the latest smaller-than-anticipated increase in OPEC+ oil production, expectations that China will continue to hoard oil, and concerns over potential new sanctions against Russia. The eight-member Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Sunday to increase production starting in October by 137,000 barrels per day, down from the roughly 550,000 barrels per day they made in September and August. Brent crude rose 53 cents, or 0.8%, to $66.55 a barrel at 12:00 GMT, while U.S. West...
Gold hit a new record high on Tuesday (September 9), holding well above the $3,600 level reached in the previous session, as rising bets on a US interest rate cut weakened the dollar and pushed bond yields down, boosting demand for the precious metal. Spot gold rose 0.4% to $3,654.09 an ounce at 09:31 GMT, after hitting a record high of $3,659.10 earlier in the session. US gold futures for December delivery rose 0.4% to $3,693. Gold prices have risen nearly 39% this year, after surging 27% in 2024, driven by a weaker dollar, strong central bank accumulation, dovish monetary policy, and...
Oil prices continued their rally on Tuesday (September 9), driven by the latest smaller-than-anticipated increase in OPEC+ oil production, expectations that China will continue to hoard oil, and concerns over potential new sanctions against Russia. The eight-member Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Sunday to increase production starting in October by 137,000 barrels per day, down from the roughly 550,000 barrels per day they made in September and August. Brent crude rose 73 cents, or 1.1%, to $66.75 a barrel at 08:10 GMT, while U.S. West...
EUR/USD recorded a slight gain at 1.1760 after a two-day rally on Tuesday. The US dollar remained on the defensive as investors anticipated a sharp downward revision to US employment figures, although the political crisis in France continued to weigh on positive sentiment for the euro (EUR). The US Bureau of Labor Statistics is expected to release its seasonally adjusted employment data for the 12 months to March 2025 at 14:00 GMT. Markets are expecting a decline of up to 800,000 jobs, which would reflect a weaker-than-expected labor market and likely prompt the Federal Reserve (Fed) to...
The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European trading session as the US dollar weakened ahead of the release of the revised US Nonfarm Payrolls (NFP) report, which will be published at 14:00 GMT. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a new six-week low around 97.30. Investors will be closely monitoring the US Nonfarm Payrolls (NFP) benchmark revision...
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...