The dollar weakened amid rising bets on a U.S. interest-rate cut as expectations grew that the next Federal Reserve chairman would likely ease monetary policy earlier than currently anticipated. A Bloomberg greenback gauge fell to a three-year low after the Wall Street Journal reported that President Donald Trump may announce a replacement for current Chairman Jerome Powell in September or October. Traders saw the news as a signal that an early rate cut is becoming more likely, given that Trump has repeatedly pressed Powell to lower borrowing costs. "A Trump nomination would increase the...
The Japanese Yen (JPY) remained firm against the broadly weaker US Dollar (USD) and re-approached weekly highs during the Asian session on Thursday (6/26). Investors appear convinced that the Bank of Japan (BOJ) will raise interest rates again amid signs of expanding inflation in Japan. In contrast, the Federal Reserve's (Fed) latest projections and the dot plot point to two more rate cuts before the end of the year. This marks a significant divergence from the BOJ's hawkish expectations and is seen as a key factor behind the JPY's outperformance against its American...
Gold prices edged up on Thursday, lifted by a weaker dollar and rising uncertainty after a report showed U.S. President Donald Trump was considering replacing Federal Reserve Chairman Jerome Powell as early as September or October. The report raised concerns about the U.S. central bank's future independence, boosting demand for safe-haven bullion. Spot gold rose 0.2% to $3,339.20 per ounce, as of 0242 GMT. U.S. gold futures rose 0.3% to $3,353.10. The dollar (.DXY), however, fell to its lowest since March 2022, making dollar-priced bullion cheaper for overseas buyers. Powell told a U.S....