The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target. The anticipated quarter-point reduction may not satisfy President Donald Trump, who wants a bigger cut and has named his White House economic advisor, Stephen Miran, in time to be on the Fed Board at the September meeting, pending Senate confirmation. Here is a look at Fed officials' comments since their last policy meeting, sorting them under the labels "dove" and "hawk" as shorthand for their...
The Pound Sterling (GBP) holds onto gains near a fresh three-year high around 1.3650 against the US Dollar (USD) during European trading hours on Wednesday. The GBP/USD pair strengthens as the US Dollar continues to underperform its peers, as its safe-haven demand has diminished significantly after the announcement of a ceasefire between Israel and Iran on Tuesday. During the European trading session, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to hold the weekly low around 98.00. On Tuesday, United States (US) President Donald...
The U.S. dollar edged higher Wednesday, but was struggling to regain lost ground as the fragile truce between Israel and Iran saw investors take on risk to the detriment of this safe haven. At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.2% to 97.665, but remained near multu-week lows. Dollar awaits Powell, part II The greenback initially benefited from increased safe haven demand following weekend U.S. strikes against Iran, but this trend was largely reversed by U.S. President Donald Trump's announcement of the...
Oil prices climbed on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from market expectations that interest rate cuts could happen soon in the United States, the world's largest economy. Brent crude futures rose $1.2, or 1.8%, to $68.34 a barrel at 0701 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.18 cents, or 1.8%, to $65.55. Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13. Prices...
The EUR/USD is trading practically flat on Wednesday, just below a multi-year high near 1.1640, last seen in November 2021, consolidating gains after a nearly 1.40% rally in the previous two days. A moderate appetite for risk continues to drive markets, despite the fragility of the ceasefire between Israel and Iran, and is keeping the safe-haven US Dollar (USD) on its back foot. Oil prices have ticked up from Tuesday's lows butt remain well below the highs seen last week. Iran's Oil and Natural Gas facilities seem to have been little affected by the bombings, and Oil traffic through the...
Gold prices edged higher on Wednesday, supported by a pullback in the U.S. dollar and Treasury yields, as markets monitored the fragile truce between Israel and Iran. Spot gold was up 0.2% at $3,330.99 per ounce, as of 0658 GMT, after hitting on Tuesday its lowest level in more than two weeks. U.S. gold futures rose 0.3% to $3,345.00. The dollar index (.DXY), opens new tab hovered near a one-week low, making greenback-priced bullion more attractive for other currency holders. The benchmark 10-year Treasury yields remained near a more than one-month low. "The technical selling of the...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
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...